IMF warns that tokenized finance could amplify market crises beyond regulatory capacity.

The International Monetary Fund (IMF) stated that moving Wall Street's trading infrastructure to blockchain-based systems may accelerate the outbreak of financial crises, surpassing the response capability of regulatory authorities, despite the potential to reduce costs and eliminate settlement delays with this technology. In a report released on Thursday, Tobias Adrian of the IMF wrote that tokenization - representing assets such as stocks, bonds, and cash with digital tokens on a shared ledger - is a structural reshaping of the financial system architecture rather than marginal efficiency improvement. Banks, clearinghouses, as well as asset management companies such as BlackRock and JPMorgan Chase, have already been conducting on-site pilot tests of this technology, hoping to increase fee income by improving the convenience of trading traditional assets such as stocks and bonds.