liquidity
Every story this desk has filed under liquidity, most recent first.
Most Tokenized Stock Trading Happens When the Stock Market Is Shut
Cointelegraph reports that the bulk of tokenized equity activity on Solana and BNB Chain falls outside US market hours, in a sector it puts at close to $3.3bn.
The IMF Says Tokenised Stock Markets Are Thinner and More Volatile Than the Real Ones
The International Monetary Fund found that tokenised equity markets trade with less liquidity and sharper price swings than the share markets they mirror, even as demand for round-the-clock trading grows.
A tokenised share trades every minute of the week. The share itself trades for about 32 hours of it. The gap between those two facts is the whole business of overnight market making, and it is paid for in the spread.
A tokenized equity only trades as well as somebody's balance sheet allows. This is a walk through the three kinds of market maker standing behind an onchain share, the hedge each one runs, and the hours when all of them step back.
Three tickers, half the volume: 41 listings sat out the week
Half of this week's $271.5m in tokenized stock volume on Robinhood Chain went through three tickers, and 41 of the 196 listings did not trade at all.
The equity market is closed for roughly two thirds of the week, but the token is not. Someone has to quote a price with no hedge available, and the way they cover that risk is the whole cost of 24/7 trading.
A Memecoin Pool Holds Half the Tokenized Hims & Hers Shares in Existence
The BONER/HIMS pool on Robinhood Chain holds 31,198 of the 58,714 tokenized Hims & Hers shares that exist, and with the NYSE shut the token printed $132.64 against a $28.84 Friday close.
Three tickers, half the volume: 39 listings sat out the week
Three tickers took 52 percent of the week's volume on Robinhood Chain, and 39 of the 196 listings did not trade at all.
Robinhood Chain settled more DEX volume in a day than it holds in total value locked. That is not a contradiction, it is a statement about how often the same dollar gets reused, and it is one of the few ratios on a public chain that is hard to fake.
Who Actually Provides Liquidity for a Tokenized Stock, and What Happens at 4pm
A tokenized equity trades 24/7 against a market that does not. This explainer walks through who quotes it, how they hedge, and why spreads widen the moment the underlying venue closes.