The U.S. Securities and Exchange Commission (SEC) allowing third parties to list tokenized stocks could trigger systemic issues such as liquidity and revenue fragmentation. According to research by Tiger Research, the migration of capital from centralized exchanges to various blockchain platforms results in liquidity fragmentation. This is reported by Cointelegraph.com reports .
Tiger Research director Ryan Yoon notes that the traditional finance sector views the fragmentation of liquidity, previously concentrated in a single hub, as a serious strategic threat. When third parties tokenize the same shares across different blockchain networks, trading volume and order flow that should be concentrated on exchanges like the NYSE or Nasdaq become scattered across numerous platforms.
The “innovation exception” rule announced by the SEC allows third-party exchanges to list tokenized stocks without the issuer's consent. This leads to revenue fragmentation. As tokenized stocks are traded across various platforms, financial revenues that should accrue to local exchanges flow into offshore regions, impacting the competitiveness of the national financial system.
Capital fragmentation has already begun: open interest in real-world assets (RWA) on the decentralized exchange Hyperliquid reached a record $2.6 billion this week. Maja Vujinovic, a representative of FG Nexus, warns that the division of markets into “siloed pools” could lead to risks such as price tracking errors and a lack of buyers for price stabilization.
Currently, tokenized stocks account for only 4.4% of the total on-chain RWA value. However, due to regulatory clarity and increased market access, the RWA market has grown by 420% since 2025, creating new strategic challenges for traditional financial institutions and regulators.
Read “Zamin” on Telegram!
