A World Federation of Exchanges (WFE) study of 61 pairs of tokens and underlying stocks or exchange-traded funds found tokens usually closed price gaps, while conventional markets led lasting price discovery.
The exchange industry's study used daily prices from July 2025 through May 2026, the first 11 months of xStocks trading it examined. One statistical test identified a long-run price relationship in 50 of 61 pairs (82%); another found one in 48 pairs (78.7%). The WFE characterized the result as about 80% of pairs.
That percentage indicates how often prices were linked over time; it does not mean the tokens matched their underlying securities every day. Separate measures in the WFE paper assigned most lasting price discovery to the securities and showed that tokens generally made the larger adjustment when prices diverged.
The WFE connected the long-run relationship to the tokens' backing and the process for creating and redeeming them. It compared the price leadership of underlying securities with earlier findings on cross-listed securities and ETFs.
A second study captured trading while stock exchanges were closed. In data as of July 28, Binance Research measured bStocks over seven weekends ending July 27. Weekend token moves covered a median 92% of the distance between the underlying shares' Friday close and Monday open. The finding involves a different product and cannot establish the long-run price leader in the WFE's 61 pairs.
For holders, price tracking and ownership carry different rights. Kraken says xStocks offer exposure to share prices but no voting rights or legal claim to the underlying shares. The product is unavailable to U.S. clients. The WFE has called for regulators to assess protections attached to third-party tokens tied to securities.
Separately, the SEC issued a temporary, conditional exemption on Sept. 17 for qualifying venues trading tokenized National Market System stocks. Eligible tokens must give holders the same rights as comparable conventional shares. The agency has sought public comment. The WFE also identified longer U.S. exchange trading hours expected in December 2026 as a factor to watch in off-hours pricing.
