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Tokenization as Structural Shift: An IMF Note and an Academic Counterpoint Tokenization is no longer just an efficiency story. It’s becoming a structural shift in financial architecture. A recent note from the International Monetary Fund, authored by Tobias Adrian, argues that tokenization reshapes settlement, liquidity, and systemic risk through atomic settlement, programmable assets, and embedded compliance. By contrast, research by Alexandru-Stefan Goghie in Finance and Society suggests that bank-led tokenization platforms may not disintermediate finance at all—but instead allow incumbents to reassert control across private credit, repo, and asset management. Taken together, these perspectives raise a deeper question: Is tokenization redistributing power in financial markets? Or reinforcing it in new form? This is one of the questions I’ll be bringing to Consensus Conference next week. If you’ll be there May 3–5, feel free to connect. If not, I’d still welcome your perspective. References IMF Note: https://www.imf.org/en/publications/imf-notes/issues/2026/04/01/tokenized-finance-574921 Goghie paper: https://journals.sagepub.com/doi/10.1177/10245294261424301 Episode Note This episode draws on the sources listed above and incorporates AI-assisted research synthesis. All content has been reviewed and curated by the host. It is intended for educational purposes only and does not constitute investment or financial advice.
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