IMF Says Tokenized Stocks Show Real Demand but Remain Volatile and Illiquid

A new International Monetary Fund study finds that tokenized stocks already deliver two long promised crypto benefits: round-the clock trading and fractional ownership. The Global Financial Stability Report, “Scaling Tokenization: New efficiencies and new vulnerabilities,” reviewed the five most traded tokenized US equities, including Tesla, Nvidia and Alphabet, plus the Nasdaq 100 Index, across centralized and decentralized venues.

More than half of trading happened outside regular US hours, and about 80% of trades were for less than one share. Overnight moves also carried real signal, since over 85% of them showed up in traditional shares within five minutes of the US open.

The IMF found tokenized stocks were about 1.5 times as volatile as their traditional equivalents and far less liquid. The tokenized real-world asset market is estimated at roughly $65 billion as of July 31, with equities making up about $2.3 billion, a tiny slice of the nearly $160 trillion global equity market in 2025.

Risks and Rules Needed Before Market Grows

Markets are fragmented across private platforms, public blockchains and custodians that often do not connect. The IMF warned automated margin calls, collateral shifting between platforms and 24-hour trading could make shocks harder to contain. Rules on ownership, liquidity safeguards and settlement must develop first.