The International Monetary Fund has published an analysis of emerging trends in tokenized finance and their implications for market structure, risk management and financial stability. It finds that the divide between public permissionless and private permissioned blockchains is giving way to hybrid models, as fintech firms add centralized controls and banks begin using public networks. The note examines single-ledger, compatible-ledger and common-ledger architectures, highlighting trade-offs involving interoperability, atomic settlement, governance, concentration and operational risk. Regulatory choices will shape the distribution and risk profiles of tokenized deposits and stablecoins, including responsibility for customer due diligence, redemption rights and loss absorption. The analysis also considers whether stablecoin issuers should have access to central bank reserves or payment systems, and whether central banks should provide tokenized reserves to preserve central bank money as the ultimate wholesale settlement asset. As private blockchain infrastructures assume systemic functions, they may require licensing and oversight comparable to traditional financial market infrastructures, while public authorities could support convergence around compatible technologies, standards and legal frameworks.
2026-07-02International Monetary Fund
International Monetary Fund assesses tokenization trends and policy trade-offs for financial infrastructure, money and stability
The International Monetary Fund has assessed how tokenization could reshape financial infrastructure, monetary liabilities and financial stability. It identifies a shift toward hybrid blockchain models and highlights trade-offs across interoperability, governance, settlement and concentration. Regulatory priorities include safeguards for tokenized deposits and stablecoins, the role of tokenized central bank reserves and oversight of systemic private infrastructures.