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Tokenized stock trading hits $2.7B even though trades can cost 3% more

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Tokenized stock trading hits $2.7B even though trades can cost 3% more

Modeled $10,000 trades exposed wide cost differences between stock tokens, even when their quoted prices stayed close to the underlying shares.

Tokenized stocks recorded about $3 billion in decentralized-exchange transactions over seven days, according to figures reported on Nov. 4.

US stocks rallied that day as Republicans lost unified control of Washington, with the S&P 500 up 1.6%, the Dow up about 3% and the Nasdaq up 1.4%.

A modeled $10,000 round trip in tokenized Coinbase shares carried a quote gap near $303 that week, about 3% of the trade.

Fillable's Nov. 3 to Nov. 9 study of Solana tokenized stocks quoted buys and sells every 15 minutes during regular US hours, using recent IEX trades as the reference price.

It accounted for pool fees and price slippage, and the figures model quote gaps from simulated trades. An S&P 500 ETF token (SPYx) carried a gap of $20.60, or 0.21% of a $10,000 trade.

Tesla's TSLAx came in at $43.60, Nvidia's NVDAx at $44.30, and Apple's AAPLx at $88.80. Coinbase's COINx reached $303, Robinhood's HOODx $371, and Palantir's PLTRx $699.

Selected Solana stock tokens during regular US hours on Nov. 3-9. Quotes were simulated every 15 minutes against recent IEX trades, pool fees and price impact are included.

COINx's gap is about 14.7 times SPYx's, and PLTRx's is about 34 times. COINx carried a median buy premium near 153 basis points and a sale discount near 149.

In an illustration with those medians, $10,000 in USDC buys about $9,849 of exposure at the reference price, and an immediate reversal returns about $9,703.


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