IMF: Most Tokenized Stock Trading Happens Outside U.S. Market Hours

The finding that overnight tokenized-equity moves show up in the underlying shares minutes after the open is the substantive part: it implies these venues are not purely derivative of listed prices but can carry price information into the official session. That matters for anyone assuming tokenized stocks are a passive wrapper, and for the question of whether overnight trading reflects genuine demand or thin, fragmented liquidity. Whether that lead-lag relationship persists as these products scale, and whether it draws regulatory attention to off-hours price discovery, is the open question.