TOKENIZED EQUITY TRADING IS SHIFTING TO RFQ EXCHANGES

Summary from the TLDR Crypto newsletter

RFQ now accounts for 75% of tokenized-equity trading volume, up from earlier dominance by concentrated-liquidity AMMs and a PropAMM phase that briefly hit 50%, because equities are still priced by the underlying stock market and RFQ makers can hedge instantly against real shares without pre-funding pools for every stock-USDC pair.