The International Monetary Fund found that more than half of sampled tokenized U.S. stock trading volume occurred outside regular Wall Street hours. According to NS3.AI, the IMF's October Global Financial Stability Report said about 80% of tokenized equity transactions involved less than one share.

The report also found that overnight tokenized price moves showed an estimated 87% to 99% pass-through into underlying securities' price changes at the next U.S. session's opening. It said realized volatility was roughly 50% higher and liquidity was significantly weaker than in traditional equity markets.

The IMF said systemic risks remain limited at current adoption levels, but it called for safeguards tailored to continuous trading.