On 2 April 2026, the International Monetary Fund published a formal note arguing that tokenisation is not an incremental improvement to financial infrastructure but a fundamental change in how trust, settlement, and risk management operate across the global system. That is worth pausing on.   What the IMF Actually Said The note, entitled Tokenized Finance, was authored by Tobias Adrian, the IMF's Financial Counsellor and Director of its Monetary and Capital Markets Depar