The IMF says there’s demand for tokenized stocks, but the market is still highly volatile and illiquid. That’s a very IMF assessment—correct but useless. Volatility and illiquidity are early features of every new asset class, not the final verdict. The questions worth asking are: Who’s buying? Why? What are they using them for? If institutions have already started using tokenized stocks as collateral for lending or to hedge derivatives, then “high volatility” is temporary, while “lack of liquidity” is the real window of opportunity.