When the closing bell rings, onchain equities are just getting started 🔔

Most tokenized stock trading on major blockchains occurs outside regular US market hours, according to Blockworks data cited by The Kobeissi Letter, underscoring how tokenized equities are extending trading activity well beyond the traditional session. On BNB Chain, more than 70% of tokenized stock trading volume takes place outside the 9:30 am to 4 pm Eastern window, while Solana records 63% and Base nearly 60%. Jupiter, a Solana-based trading platform, separately reported a 50% month-over-month increase in tokenized asset trading volume.

The figures indicate investors are using tokenized stocks to trade when traditional US exchanges are closed rather than mirroring activity during regular market hours. Tokenized stock values have risen 15% over the past 30 days to nearly $3.3 billion, according to RWA.xyz, with a significant share concentrated among issuers such as Ondo Global Markets, xStocks and bStocks whose tokens are issued and traded across different blockchains.

The shift toward round-the-clock trading is taking place as US regulators move to integrate tokenized equities into traditional markets. The Securities and Exchange Commission introduced an "innovation exemption" allowing qualifying venues to trade tokenized US-listed stocks on public blockchains. SEC Commissioner Mark Uyeda said participating venues must publish transaction data in US dollars, including trade prices, sizes, timestamps and daily trading volumes, and must also disclose liquidity pool addresses and balances.

Unlike existing tokenized stock products such as xStocks and Ondo Global Markets, which are generally unavailable to US investors, the SEC exemption permits qualifying venues to offer tokenized US equities domestically, provided they preserve shareholder rights and meet the trading and disclosure requirements.