Tiger Research Warns SEC's Tokenized Stock Framework Could Fragment Liquidity Across Blockchains

According to Tiger Research, the SEC's proposed tokenized stock framework could fragment liquidity across blockchain ecosystems and weaken price discovery by spreading order flow across multiple disconnected venues. Under the framework, the same stock could trade simultaneously on traditional exchanges, decentralized exchanges, crypto platforms, and offshore tokenized trading platforms.

Meanwhile, TradingView reports that Hyperliquid's tokenized real-world asset (RWA) open interest surged to an all-time high of $2.6 billion, doubling within roughly two months. FG Nexus's digital assets CEO Maja Vujinovic cautioned that dispersed liquidity could create dangerous price tracking errors across disconnected pools.