IMF: Tokenized Stocks Show Real Demand but Remain Volatile, Illiquid

The IMF's finding that most tokenized stock trading happens outside U.S. hours is the substantive point: it suggests the product is solving a real access problem rather than merely mirroring existing flow. That matters for venues and issuers weighing whether tokenized equities are a durable distribution channel or a niche arbitrage. The caveat is structural — thin liquidity and higher volatility are typical of young, fragmented markets, and they can persist even when demand is genuine. Whether trading depth improves as the market matures, or stays concentrated in off-hours windows, is the open question.