Wall Street’s 9-to-5 Is Over: Half of Tokenized Stock Trading Happens After the Bell

International Monetary Fund researchers have identified that over 50% of tokenized equity trading occurs outside traditional market hours, signaling strong investor demand for continuous access. The study further reveals that approximately 80% of these trades involve fractional shares, highlighting the role of tokenization in lowering entry barriers for retail participants. While these findings demonstrate shifting investor habits, the IMF cautions that the market remains small, fragmented, and plagued by thin liquidity compared to traditional finance. Tokenized repurchase agreements currently dominate the sector with $300-$350 billion in daily volume, significantly trailing the $13 trillion daily volume of the conventional U.S. repo market. The report emphasizes that for tokenized assets to scale, the industry must resolve critical issues regarding legal certainty, regulatory clarity, and interoperability. Furthermore, the IMF warns that while tokenization offers efficiency, the compression of settlement processes could potentially amplify financial risks like liquidity runs during market stress. Ultimately, the future of tokenized equities depends on building deeper, more reliable infrastructure that can safely integrate with established financial systems.