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More than half of the tokenized U.S. equity trading analyzed by the International Monetary Fund reportedly took place outside regular U.S. stock-market hours. That finding concerns a specific sample of tokenized equity products—not all U.S. stock trading, and not necessarily every tokenized-equity venue. Secondary reports attribute it to the IMF’s October 2026 Global Financial Stability Report; the report’s chapter is titled “Scaling Tokenization: New Efficiencies, New Vulnerabilities.”
What the IMF finding says—and what it does not
Secondary coverage says the IMF found that more than half of trading in its analyzed sample of tokenized U.S. equities happened after regular U.S. market hours. The headline does not mean that more than half of all U.S. stock trading occurs after the closing bell. Nor does it establish that every tokenized equity trades around the clock or that the activity occurred on one particular platform.
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Reports describe the sample as five liquid tokenized U.S. equity products observed across 11 venues for 365 days. One report says the products included exposures such as the S&P 500, Nasdaq, Tesla, Google and Nvidia. These are secondary descriptions of the IMF’s analysis, not details confirmed here from the chapter itself. The products and examples should not be treated as a representative census of the market.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsThe precise share above 50%, the market-hour boundaries, product selection and calculation method have not been established from the primary chapter. The IMF’s eLibrary identifies the October 2026 report and Chapter 3, “Scaling Tokenization: New Efficiencies, New Vulnerabilities,” published October 12, 2026, but the chapter text was not accessible. The statistic is therefore best read as a finding attributed to the IMF by secondary reporting, with its exact methodology awaiting confirmation in the chapter. IMF eLibrary
Why trading after the close matters
Traditional U.S. stock exchanges have regular trading sessions, while tokenized products may be available on venues operating beyond those sessions. After-hours activity shows that some participants are trading tokenized equity products when the underlying U.S. market is closed. It does not, on its own, show that those markets are deep, that prices closely track the underlying shares, or that investors broadly use them.
When the underlying market is shut, a token’s price can be harder to compare with a fresh price for the share or index exposure it tracks. Liquidity, spreads and the arrangements for settlement and custody all matter to that comparison. The reported after-hours share alone does not answer how any of these performed in the IMF’s sample.
What tokenization changes—and what it does not guarantee
Tokenization records and transfers assets using shared programmable ledgers. The IMF has described potential reductions in frictions across issuance, servicing, redemption, trading and settlement. Its broader analysis also warns that greater interconnection, thin liquidity buffers or leverage can amplify shocks, while faulty code and network effects can create additional vulnerabilities. IMF Fintech Note: Tokenization and Financial Market Inefficiencies
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In a July 2026 IMF blog, Tobias Adrian describes tokenized securities as integrating trading, settlement, custody and compliance workflows. He also notes that liquidity needs can become continuous, failures can spread more quickly, and legal foundations are essential to ownership, settlement finality and jurisdiction. Tobias Adrian, IMF blog, July 2, 2026
Tokenization does not itself make a token equivalent to ordinary ownership of a company share. The rights attached to a particular instrument depend on its terms and legal arrangements. Without the sampled products’ terms, the reported market statistic cannot establish what rights or protections their holders had.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to check before comparing a token with a listed share
The after-hours finding is not enough to determine whether a tokenized product is a suitable substitute for a conventional listed security. A meaningful comparison requires product- and venue-specific information:
- Trading hours: When can orders be submitted, matched and cancelled, and what happens when the underlying market is closed?
- Liquidity and spreads: What trading depth and transaction costs are available at the times you might trade?
- Price alignment: How is the token’s price related to its underlying share or exposure, particularly outside regular market hours?
- Settlement and custody: Who holds or controls the relevant assets, and how are transfers and settlement handled?
- Ownership and protections: What legal rights does the token confer, and which jurisdiction’s rules and investor protections apply?
The IMF’s broader work supports scrutiny of liquidity, settlement, infrastructure and legal foundations, but the October chapter’s unavailable methodology and the individual product terms are needed to answer these questions for the sampled products.
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