IMF representative Tobias Adrian noted that tokenization goes beyond faster payments and programmable assets. It can shorten multi-day settlement periods while shifting risks away from traditional intermediaries and onto infrastructure: smart contracts, DLT, and service providers. At the same time, the lack of common standards and coordinated regulation could lead to platform fragmentation and new sources of systemic risk. The IMF report aligns with the conclusions of PwC and Moody’s. They also point to tokenization’s potential to improve the efficiency of settlement and transfer of rights, but link it to systemic risks. Regulators have a narrow window to establish rules on settlement assets, governance, interoperability, and the role of central banks. This will determine whether tokenization becomes a factor in improving efficiency or a source of systemic threats. In the US, the SEC is considering a possible “experimental exemption” to test tokenized securities platforms before creating a long-term regulatory regime.