The International Monetary Fund sees the growing tokenization of real-world assets as a structural risk to global financial stability. In a new report titled "Tokenized Finance," the IMF's chief financial counselor calls the technology a "structural redistribution of trust in the financial system."
The market for tokenized real-world assets (RWAs) has reached roughly $27.5 billion, with over $12 billion in tokenized U.S. Treasuries alone. Since the start of 2026, the segment has grown by 66%. At the same time, stablecoins now process $1.8 trillion per month. Against this backdrop, the IMF presents a five-pillar policy plan that calls for anchoring tokenized settlement in wholesale CBDCs.
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Why the IMF classifies tokenization as a systemic risk
The report's core argument centers on speed. Traditional financial systems use delays as safety buffers: end-of-day settlement, batch processing, two-day settlement windows. These mechanisms give regulators time to intervene. Tokenization eliminates precisely these buffers. So-called atomic settlement makes transactions instantly final. Smart contracts can trigger margin calls and liquidations automatically. In times of crisis, this accelerates selloffs without human intervention.
IMF chief financial counselor Tobias Adrian puts it bluntly. Stress events would likely unfold faster and leave less time for discretionary intervention. The parallel the IMF draws is striking. Its report compares IMF tokenization risks to the securitization wave of the 2000s. Back then, banks transformed subprime mortgages into tradable instruments. Risk dispersion appeared broad. Then opacity and leverage turned a housing crisis into a global systemic crisis. Additionally, the IMF identifies a concentration risk. A shared ledger could replace dozens of bilateral connections and become a critical single point of failure.
Stablecoins as the Achilles' heel
97% of all stablecoins are denominated in U.S. dollars. Structurally, the IMF compares them to money market funds. They remain stable in calm times, but turn vulnerable to runs when confidence erodes. Stablecoins without access to central bank reserves have no lender of last resort. In a stress scenario, there is no backstop.
Adrian sees particular dangers for emerging markets. Widespread adoption of dollar-pegged stablecoins could undermine demand for domestic currencies and weaken monetary sovereignty. Emerging markets are "particularly exposed" when globally active private stablecoins gain a foothold in markets with weaker currencies. Meanwhile, tokenized assets move instantaneously across jurisdictional borders, rendering national crisis management frameworks ineffective.
Adrian therefore calls for higher liquidity buffers for stablecoins without central bank access. He also demands more conservative margin requirements to compensate for settlement risk at the infrastructure level.
The IMF's five-pillar plan for regulated tokenization
The report outlines three possible scenarios for tokenized financial markets. Under the optimal scenario, wholesale CBDCs anchor the system. The worst case sees private stablecoins dominate while public backstops weaken. Between these extremes lies a fragmented patchwork of incompatible national platforms.
To achieve the optimal scenario, the IMF formulates five policy pillars. First, anchor tokenized settlement in wholesale CBDCs. Second, enforce consistent regulation based on the principle of "same activity, same risk, same regulation." Third, establish legal clarity for tokenized assets. Fourth, define interoperability standards between platforms. Fifth, adapt central bank liquidity instruments to automated environments.
The IMF also calls for mandatory audits and override mechanisms for systemically important smart contracts. Emergency pause functions should ensure that legal mandates for financial stability take precedence over automated execution.
Industry is already building infrastructure
The IMF report arrives at a time when institutional players are actively advancing tokenization. NYSE is collaborating with Securitize on a 24/7 platform for tokenized securities. In March 2026, the SEC approved a Nasdaq application to trade tokenized stocks on the same order book as traditional securities. Back in December 2025, the DTCC received a no-action letter for the tokenization of certain custodied assets. BlackRock and JPMorgan Chase are running active pilot programs.
The numbers tell a different story than the IMF's caution. While the fund warns, NYSE, Nasdaq, and DTCC are creating facts on the ground. Critics argue that the IMF treats the status quo as implicitly safe and neglects existing risks in the traditional financial system. Others counter that overly cautious regulation could slow down exactly the infrastructure buildout needed to deliver the stability the IMF demands.
Whether wholesale CBDCs can truly serve as an anchor depends on their technical maturity and political acceptance. Adrian himself sets a window of 12 to 24 months. After that, the infrastructure for trillions in assets would be fully built out. This report is the IMF's most detailed policy assessment of systemic tokenization risks to date.
