A 23-page report released by the IMF on Thursday noted that tokenization has the potential to eliminate financial friction and improve transparency, but its net effect on financial stability remains uncertain. The report stated that while atomic settlement and increased transparency reduce some traditional risks, speed and automation introduce new risks. Stress events in tokenized markets may unfold faster than in traditional systems, leaving less time for human intervention. The IMF also stated that tokenization offers emerging markets opportunities to accelerate cross-border payments and financial inclusion, but it also brings risks of increased capital flow volatility, rapid currency substitution, and weakened monetary sovereignty. Furthermore, the report pointed out that without legal clarity regarding the finality of ownership records and settlements, the tokenized market may face fragmentation and marginalization. Currently, the total value of on-chain tokenized real-world assets (excluding stablecoins) exceeds $27.6 billion. Boston Consulting Group estimated in 2022 that the tokenized market could reach $16 trillion by 2030, while McKinsey gave a more conservative forecast of $2 trillion in 2024.