Tokenized Stocks Face Liquidity and Revenue Fragmentation Risks, Tiger Research Warns

According to Cointelegraph, on May 22, Tiger Research released a report warning that the U.S. SEC's decision to allow third parties to list tokenized stocks could create structural risks of liquidity and revenue fragmentation. When the same listed stock is tokenized across different blockchain networks and decentralized platforms, trading volume and order flow previously concentrated on single venues like the New York Stock Exchange or Nasdaq will disperse, widening bid-ask spreads, increasing slippage on large orders, and reducing market efficiency. Revenue fragmentation will follow, with financial income intended for domestic exchanges redirected overseas.
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