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WFE Study Finds Traditional Shares Still Lead Tokenized-Stock Price Discovery
A World Federation of Exchanges study of 61 xStock pairs finds token prices generally adjust toward prices formed in regulated equity markets.
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The World Federation of Exchanges published research on October 20 finding that traditional exchange-traded shares remained the main source of price discovery for the third-party tokenized equities in its sample. The study examined 61 matched xStock and underlying-equity pairs using daily observations from July 2025 through May 2026.
What the study found
Around 80% of the pairs were cointegrated, meaning their prices maintained a stable long-run relationship. That relationship was close to one-for-one. When prices diverged, the token generally made more of the adjustment back toward the underlying share price.
For the median pair, the underlying equity accounted for more than 80% of the permanent component of the common price. Under the study’s Hasbrouck information-share analysis, no token led price discovery.
Limits and context
The results apply to this xStock sample, the study period and daily-frequency data. They do not establish that every tokenized-equity market will behave the same way, or that intraday trading never adds information. The WFE is also an exchange-industry association, so its institutional perspective should be considered when interpreting the conclusions.
Sources
RWA Wire separates reported facts from its market-context analysis. Source links are provided for verification.
Key takeaways
- //The WFE analyzed 61 matched xStock and underlying-equity pairs using daily data from July 2025 through May 2026.
- //About 80% of the pairs were cointegrated, with the long-run price relationship close to one-for-one.
- //The underlying equity contributed more than 80% of the median pair's permanent price component, and no token led under the cited information-share test.
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