IMF says tokenized US stocks are still small, fragmented, and mostly after-hours
As seen on the 24/7 Wall St. homepage on October 11, 2026.
The IMF just put a number-free floor under the 24/7 trading story: tokenized equity volume is still thin, fragmented and clustered after the close, which undercuts the pitch that round-the-clock stock tokens are near real liquidity.
JUST IN: IMF says tokenized US stocks are mostly tiny after-hours trades and still "small and fragmented" despite the 24/7 hype
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Tokenized equities are not delivering the round-the-clock stock trading their backers promise. The IMF describes the market as small and fragmented, a pointed rebuke of the scale proponents have claimed.
Most of the volume that exists clusters in after-hours windows instead of spreading across the full 24/7 trading cycle. That pattern points to participants arbitraging time-zone gaps, not deep continuous liquidity.
For investors weighing whether tokenized equity platforms represent a structural shift or a niche product, the IMF's framing matters. An institution of that standing calling the market thin and fragmented gives regulators, brokers, and institutional allocators a credible reason to stay cautious.
Tokenized asset markets have still grown quickly from a near-zero base, so the IMF's critique describes the present state. Anyone pricing in near-term disruption to traditional equity market structure should mark that timeline considerably longer.