IMF: Most Tokenized Equity Trading Happens Outside Regular Market Hours

The IMF's observation reframes tokenized equities as a market-structure story rather than a crypto-native curiosity: demand is clustering in the hours when conventional venues are closed, which suggests the appeal is access and timing, not displacement of primary listings. That has direct implications for brokers, exchanges and regulators whose surveillance, settlement and investor-protection frameworks are built around a defined trading day. The fund's caveat about depth, liquidity and resilience is the more consequential half of the message, since after-hours activity can look robust while remaining thin. Whether venues and supervisors adapt their rules to a 24-hour tape, or treat it as a marginal channel, is the open question.