According to new IMF data in the tokenization chapter of its Global Financial Stability Report, more than half of trading in tokenized U.S. stocks happens while Wall Street is closed. The tokenized equity market is about $2.3 billion as of July 31, a small part of roughly $65 billion in publicly tokenized real-world assets excluding repo. The IMF studied five liquid tokens from Ondo Finance and Backed Finance's xStocks, finding that about 80% of trades were for less than one share, which it reads as a sign of retail dominance. Within five minutes of the U.S. open, the underlying stocks absorbed over 87% of the overnight move in their tokenized versions, while realized volatility on tokenized venues was about 1.5 times that of traditional shares. The IMF says systemic risks remain limited for now and recommends circuit breakers and liquidity safeguards.
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