What the IMF got right about tokenization, and the one thing it missed

The report rightly highlights that tokenized markets are fragmented.
But it doesn’t fully shed light on why.

The IMF’s October Global Financial Stability Report includes a chapter on tokenization, “Scaling Tokenization: New Efficiencies, New Vulnerabilities.” Much of it is right. Tokenized markets are fragmented. Continued growth depends on legal certainty, regulatory clarity, interoperability between networks and safe settlement assets. Policy should be technology-neutral: same activity, same risk, same regulatory outcome.