22.10.2026 20:00
The World Federation of Exchanges (WFE) study revealed that tokenized shares traded on crypto platforms do not determine prices and instead track the underlying stock. Platforms are turning to liquidity infrastructure and integration with traditional brokerage firms to close this gap.
As the tokenization of real-world assets (RWA) becomes more widespread, the focus of the debate is also shifting. The question is no longer whether shares can be accessed in a digital environment. The real question is under what liquidity conditions and through what kind of price formation these assets will trade. In the study published by WFE on October 20, 61 share and token pairs were examined. According to the analysis, in no pair was the token the side that determined the price. In an average pair, more than 80% of persistent price movement originated from the underlying stock. The study also emphasizes that the tokenized share market is “many times shallower” than the underlying share market.
“ACCESS WAS THE BEGINNING, LIQUIDITY IS NEXT”
Crypto platforms are seeking answers to this problem with different models. The Super Match framework announced by Bitget on October 21 is one of them. According to the company's statement, the system aims to bring together trading flows within the platform, market makers and different liquidity sources, enabling tokenized shares to trade without depending on a single traditional market and supporting price formation during hours when exchanges are closed. Bitget CEO Gracy Chen said, “Providing access to tokenized shares was an important starting point. Super Match, on the other hand, was designed to improve how liquidity and price formation work after assets arrive on the platform.” Chen said that the next phase of tokenization will be shaped by infrastructures that connect assets and liquidity across different markets.
A BRIDGE BETWEEN BROKERAGE FIRMS AND DIGITAL PLATFORMS
Another topic in the sector is the transfer of assets held in traditional brokerage firms to digital platforms. With its rToken Transfer service launched on October 13, Bitget initiated a process that allows more than 3,000 eligible US stocks and exchange-traded funds to be converted into digital representations without being sold. Bitget CEO Gracy Chen, noting that tokenization has already made access to traditional assets easier, said, “The next phase is to increase the use cases and flexibility of these assets.” According to the company's data, the size of rToken assets reached approximately $114 million as of the beginning of July, and the total number of transactions exceeded 2 million.
TRADITIONAL FINANCE IS ALSO BUILDING ITS OWN MODEL
Tokenization is not only on the agenda of crypto platforms. The US Securities and Exchange Commission (SEC) approved in March 2026 Nasdaq's proposal that allows some securities to trade in tokenized form. In this model, tokenized shares trade in the same order book and with the same rights as traditional shares. The US clearing and custody organization DTCC is also working on its own tokenization platform.
THE TOKEN IS NOT THE SHARE ITSELF
A tokenized asset does not always provide the same legal rights as direct ownership of the underlying share. The scope of rights may vary depending on the issuance structure, the custody model and the legislation of the country where the investor is located. Extended trading hours do not guarantee that liquidity will always be sufficient, and trading in a digital environment does not guarantee that a sale can be made at the desired price. This content has been prepared for general informational purposes and does not constitute investment advice. Tokenized assets involve market, liquidity, counterparty, technology and regulatory risks.