The International Monetary Fund said tokenized US equities provide round-the-clock trading and fractional-share access but are markedly less liquid and more volatile than conventional equities. The IMF found that more than half of trading occurred outside regular US market hours. About 80% of trades involved less than one share, according to the study. The IMF said the small, fragmented market could improve settlement and automation but requires stronger legal, liquidity and interoperability safeguards. The IMF found that traditional shares reflected more than 85% of tokenized shares' overnight movement within five minutes of US markets opening.