Tokenized stocks risk liquidity and revenue fragmentation: Research
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TradFi views the breakup of its previously consolidated, centralized liquidity as a “serious structural threat,” said Tiger Research director Ryan Yoon.
Key facts
Capital fragmentation is already underway with real-world asset open interest on the Hyperliquid decentralized exchange hitting an all-time high of $2.6 billion this week
Tokenized stocks make up 4.4% of total RWA onchain value
TradFi views the breakup of its previously consolidated, centralized liquidity as a “serious structural threat,” said Tiger Research director Ryan Yoon
The US Securities and Exchange Commission’s move to allow third parties to list tokenized stocks could risk two structural disruptions with liquidity and revenue fragmentation, according to Tiger
Summary
The US Securities and Exchange Commission’s move to allow third parties to list tokenized stocks could risk two structural disruptions with liquidity and revenue fragmentation, according to Tiger Research. Liquidity fragmentation may occur as capital disperses from centralized exchanges across multiple blockchain platforms, said Tiger Research director and head of research Ryan Yoon on Friday. When third parties tokenize the same listed stock across different blockchain networks and decentralized platforms, the trading volume and order flow that should concentrate on a single venue, such as the NYSE or Nasdaq, instead disperses across multiple venues, he explained.