IMF: More than half of the tokenized U.S. stock trading occurs outside regular trading hours, and there are still liquidity and stability risks in the market

The International Monetary Fund (IMF) pointed out that tokenized U.S. stocks support round-the-clock trading and fractional share holdings, with more than half of the trades occurring outside regular market hours, and about 80% of trades involving less than one share.

The IMF stated that overnight price changes contain valuable information, with over 85% of price changes being reflected in traditional stock prices within 5 minutes after the market opens. The IMF noted that the market size for tokenized stocks is still relatively small and fragmented, which could improve settlement and automation processes, but there is a need to strengthen legal, liquidity, and interoperability safeguards.