On July 2, the International Monetary Fund (IMF) published a blog analyzing tokenization, highlighting a shift in the financial system's structure as financial assets and liabilities move to a shared, distributed ledger. The author, Tobias Adrian, who serves as the Financial Counselor and Director of the Monetary and Capital Markets Department at the IMF, noted that tokenization not only speeds up and reduces the cost of settlements but also fundamentally alters the dynamics within the financial system.