IMF: Tokenized finance may reshape the global financial system and introduce new systemic risks

The International Monetary Fund (IMF) stated in its latest report that Tokenized Finance is not a simple upgrade of traditional finance, but rather a structural transformation. It replaces intermediaries with smart contracts and shared ledgers, restructuring the architecture of global markets. Currently, the scale of tokenized real-world assets (RWAs) has reached $27.5 billion, with tokenized U.S. Treasury bonds exceeding $12 billion.

The IMF pointed out that while tokenization can achieve near-instant settlement and 24/7 trading, its speed, automation, and programmability may amplify systemic risks, rapidly spreading liquidity crises under market pressure, lacking the buffering effect of traditional settlement delays.