Svmuu News: Tobias Adrian, Director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF), stated that as assets migrate to shared digital ledgers, policy choices regarding the monetary system, market infrastructure, and legal frameworks will determine whether tokenization ultimately strengthens the financial system’s integration or leads to its further fragmentation.
The tokenized economy is giving rise to three categories of settlement assets: tokenized bank deposits, stablecoins, and tokenized central bank reserves. Tokenization is not merely about faster payments or the programmability of assets; it involves migrating financial assets and liabilities to a unified ledger, compressing execution, clearing, and settlement into a software-driven, synchronized process. This transformation may also shift risks from the balance sheets of traditional intermediaries to platforms, code, and infrastructure providers. (The Block)