Tokenized Stocks Trade Overnigh but Who Sets the Price?

The IMF’s October Global Financial Stability Report found that more than half of the tokenized-equity trading it examined occurred outside regular U.S. market hours, including premarket, after-hours, overnight and weekend sessions. In those periods, prices can be set by order-book exchanges, decentralized-exchange liquidity pools or issuer platforms without a live underlying stock quote, so quotes may include more risk and wider spreads. Issuers differ on redemption: xStocks separates round-the-clock secondary trading from issuance and redemption that run 24 hours a day, five days a week, while Ondo quotes, mints and redeems selected assets on weekends and holidays with wider spreads and size limits. A displayed token price may be a last trade, indicative value or quantity-specific quote.