Tokenization: Frictions disappear — but so do buffers

IMF Financial Counselor Tobias Adrian July 2, 2026: tokenization compresses multi-day settlement into seconds, removing time buffers regulators rely on during crises. Automated margin calls and platform concentration could propagate shocks faster than supervisors respond. Five-pillar roadmap: central-bank-anchored settlement, consistent regulation, legal clarity on tokenized ownership, interoperability, adapting CB tools for 24/7 markets. Stablecoins compared to money market funds.