IMF research examines the settlement asset behind tokenized finance

The research question

An IMF publication from June 2026 examines tokenization across assets and financial infrastructure. Its authors include Tobias Adrian, Carlos Cabedo and Tommaso Mancini-Griffoli. The discussion concerns the architecture of tokenized finance, including the role of money used for settlement.

The earlier version of this article attributed a specific statement to an IMF deputy director. We could not substantiate that attribution from the cited material and have removed it.

Two claims in one transaction

A tokenized security and its payment asset are distinct claims. Making the security transferable on a ledger does not, by itself, answer what the seller receives or which institution stands behind that payment.

The editorial question is therefore concrete: what is being exchanged, who owes each obligation, and when does settlement become final? Treating every digital payment asset as interchangeable obscures that distinction.

This article is a reading of published research. It is not evidence of a new October policy decision or an IMF requirement that all tokenized securities use one settlement model.

Sources

• IMF publication — June 2026

Editorial update — 11 October 2026: Removed an unverified speaker attribution and replaced it with a clearly dated research discussion.