• The IMF finds that more than 50% of trading in a sample of tokenized U.S. equities occurred outside regular U.S. market hours, highlighting demand for round-the-clock access.
  • Around 80% of analyzed trades were smaller than one share, showing fractional investing is widely used.
  • Tokenized markets remain small, fragmented, and more volatile than traditional markets, underscoring risks as the sector scales.

IMF: Over Half of Tokenized Stock Trading Happens Outside U.S. Market Hours

The International Monetary Fund (IMF) published a commentary on October 8, 2026, revealing that more than half of trading in a sample of tokenized U.S. equity products occurred outside regular U.S. stock-market hours. The finding, part of Chapter 3 of the IMF’s October 2026 Global Financial Stability Report, “Scaling Tokenization: New Efficiencies, New Vulnerabilities,” and an accompanying blog, suggests growing investor appetite for continuous market access. However, the IMF cautions that tokenized markets remain small, fragmented, relatively illiquid, and more volatile than conventional markets.

The analysis examined five actively traded tokenized U.S. equity products, including exposure to Tesla (TSLA), Nvidia (NVDA), Alphabet (GOOGL), and equity indexes—not a comprehensive census of all tokenized stocks or venues. The data showed that over 50% of sampled trading occurred outside the standard 9:30 a.m. to 4:00 p.m. ET session. Additionally, approximately 80% of analyzed trades were for less than one share, indicating that fractional exposure is a key feature driving activity.

“Demand for 24/7 access is supported by the observed trading pattern,” the IMF noted, but it stressed that the percentage alone does not measure demand growth over time or identify traders’ motives. Overnight tokenized returns were reflected in conventional prices shortly after the U.S. open, with more than 85% of the overnight movement incorporated within five minutes, according to CoinDesk reporting. Yet the IMF warns this does not prove tokenized prices reliably predict future returns.

A critical qualification is that tokenized markets are less liquid and approximately 1.5 times more volatile than corresponding conventional shares. “Continuous availability does not guarantee a deep market or good execution prices,” the IMF stated. The findings come amid a broader policy shift. On September 17, 2026, the U.S. Securities and Exchange Commission (SEC) issued a temporary, conditional “Innovation Exemption” permitting qualifying tokenized-securities venues to use permissioned automated market makers and liquidity pools. The exemption lasts five years and includes conditions such as equivalent rights to traditional shares, limits on symbols and trading volume, and an issuer-objection period.

On October 5, OKXICE, a joint venture between crypto exchange OKX and NYSE owner Intercontinental Exchange (ICE), announced plans for round-the-clock trading in more than 60 tokenized U.S. stocks under that framework. Reporting described a proposed launch subject to regulatory steps and an issuer-objection period—not an already operating venue.

The IMF places equity tokens within a wider transition involving repos, credit, and money-market funds, where repurchase agreements account for the bulk of tokenized activity. Its concern is how risks might change as the sector scales: stronger links, leverage, and automated processes could transmit liquidity runs and contagion more quickly.

“What institutional investors like us are really focused on is regulatory stability,” said a market participant, reflecting the IMF’s emphasis on enforceable ownership rights, regulatory clarity, interoperable platforms, and safe settlement money. The SEC’s January 2026 statement reiterated that stock remains a security regardless of its format, and the agency has invited public comment on its exemption.

Attempts to reach the IMF for additional comment were not immediately successful. The SEC declined to comment beyond its public statements.

Correction: A previous version of this article misstated the IMF’s finding as indicating that half of all U.S. equity trading now happens on blockchains. The IMF’s analysis refers only to a sample of tokenized-equity markets.