代币化金融
Tokenized Finance Tobias Adrian ©2026 International Monetary Fund Tokenized Finance NOTE/2026/001 Tobias Adrian* Cataloging-in-Publication DataIMF Library Names: Adrian, Tobias, 1971-, author. | International Monetary Fund, publisher.Title: Tokenized finance / Tobias Adrian.Other titles: IMF Notes.Description: Washington, DC: International Monetary Fund, 2026. | Apr. 2026. | NOTE/2026/001. | Includesbibliographical references.Identifiers: ISBN:9798229042468(paper)9798229042819(ePub)9798229042772(webPDF)Subjects: LCSH: Financial services industry—Technological innovations. | Digital currency.Classification: LCC HG173.A3 2026 DISCLAIMER: The IMF Notes Series aims to quickly disseminate succinct IMF analysis on critical economicissues to member countries and the broader policy community. The views expressed in IMF Notes are those ofthe author(s), although they do not necessarily represent the views of the IMF, or its Executive Board, or itsManagement. RECOMMENDED CITATION: Adrian, Tobias. 2026. “Tokenized Finance.” IMF Note 2026/001, InternationalMonetary Fund, Washington, DC. *Contact: tadrian@imf.org. I thank Parma Bains, Giovanni Dell’Aricia, Yaiza Cabedo, Eugenio Cerutti, Tommaso Mancini-Griffoli, FedericoGrinberg, Nobuyasu Sugimoto, and Jay Surti for comments and support. The views expressed in this Note are those of the author and donot necessarily represent the views of the International Monetary Fund, its Management, or its Executive Directors. Contents Tokenized Finance .................................................................................................................................................. 1Introduction ........................................................................................................................................................ 2From Digitization to Tokenization.................................................................................................................... 3Tokenized Money ............................................................................................................................................ 3Tokenization in Banking .................................................................................................................................. 4Tokenization in Capital Markets ...................................................................................................................... 5Tokenization in Financial Market Infrastructures............................................................................................. 5Settlement Finality and the Acceleration of Finance ....................................................................................... 6Governance of Code and Legal Foundations ................................................................................................. 6Risks to Global Finance .................................................................................................................................... 8Interoperability and Risk of Fragmentation ..................................................................................................... 8Financial Stability Implications ........................................................................................................................ 8Cross-Border Resolution and Crisis Management.......................................................................................... 9Emerging and Developing Economies: Risks and Opportunities.................................................................... 9Scenarios and Policies.................................................................................................................................... 11Scenarios for the Future Financial Architecture ............................................................................................ 11Policy Roadmap ............................................................................................................................................ 11Conclusion ....................................................................................................................................................... 13Annex 1. Wholesale Central Bank Digital Currency Pilots and the Public Anchor of Tokenized Settlement.... 14Annex 2. Tokenized Central Counterparties and the Automation of Risk Management.................................... 15Annex 3. Cross-Border Payments and Multi-Central Bank Digital Currency Platforms ..................................... 16Annex 4. Stablecoins versus Synthetic Central Bank Digital Currency: Private Money, Public Backstops, andthe Singleness of Money ...................................................................................................................................... 17References............................................................................................................................................................ 18
