IMF Director Says Policy Choices Will Determine Whether Tokenization Strengthens or Fragments Global Financial System

According to IMF Monetary and Capital Markets Director Tobias Adrian on July 2, policy decisions on money, market infrastructure, and legal frameworks will determine whether tokenization strengthens or fragments the financial system as assets migrate onto shared digital ledgers. Adrian identified three emerging settlement assets: tokenized bank deposits, stablecoins, and tokenized central bank reserves, each presenting distinct tradeoffs for financial intermediation and systemic risk.
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