[IMF: Tokenized Finance Will Reshape Global Market Structure, Replacing Financial Intermediaries] According to a report by Jinse Finance on April 3, the International Monetary Fund (IMF) stated in its latest report that tokenized finance is not merely an upgrade of traditional finance but a structural transformation. It replaces intermediaries through smart contracts and shared ledgers, reshaping the architecture of global markets. Currently, the scale of tokenized real-world assets (RWAs) has reached $27.5 billion, with tokenized U.S. Treasury bonds exceeding $12 billion. The IMF pointed out that while tokenization enables near-instant settlement and 24/7 trading, its speed, automation, and programmability could amplify systemic risks, rapidly spreading liquidity crises under market stress, as it lacks the buffering effect of traditional settlement delays.