Hyperliquid expands tokenized stock offerings with EQX launch

Hyperliquid is expanding its presence in traditional financial markets as tokenized equities gain traction across the crypto industry.

The decentralized exchange already offers perpetual futures tied to stocks and indexes through Trade[XYZ], allowing traders to speculate on equity prices around the clock without owning the underlying shares. Meanwhile, tokenized stock issuers Ondo Finance and xStocks have expanded into the Hyperliquid ecosystem, bringing traditional equity exposure to its blockchain infrastructure.

Now, EQX Labs has announced plans to launch 11 tokenized US stocks and ETFs directly on Hyperliquid’s HyperCore order book, adding another spot equity offering to the platform.

The initial markets will include tokenized versions of Apple, Nvidia, Microsoft, Amazon, Alphabet, Meta, Tesla, Micron, and SpaceX, alongside products tracking the S&P 500 and Nasdaq 100 through ETFs.

The tokens will trade as HIP-1 assets against USDC, giving eligible traders access to the markets 24 hours a day, seven days a week.

The company has not announced an exact launch date.

EQX promises share backing and zero issuer fees

According to the company’s documentation, each token will be backed on a one to one basis by shares held through custodians connected to the Depository Trust Company.

The custodians include Alpaca, StoneX, and Clear Street. EQX also plans to publish custody information so traders can verify the shares backing the tokens.

The assets will be issued by EQX SPC Ltd., a British Virgin Islands segregated portfolio company. Each ticker will have a separate portfolio holding its underlying shares.

However, the tokens will not represent direct ownership of the underlying securities. Instead, holders will own limited recourse debt instruments backed by those shares, with contractual claims against the issuer.

EQX also plans to pass through certain economic benefits of stock ownership. Dividends will automatically be reinvested into additional shares after applicable withholding, while holders will be able to submit voting instructions through wallet signatures.

In addition, EQX will not charge fees for issuing, redeeming, or holding tokens. Traders will only pay Hyperliquid’s standard spot trading fees.

The company said its business will be funded through a share of those trading fees, reducing its reliance on additional charges or spreads.

Creation and redemption will be available to eligible authorized participants, while other traders will access the tokens through Hyperliquid’s order book. The products will not be offered to US persons.

Tokenized equities expand across blockchain networks

The announcement comes as competition intensifies among issuers seeking to bring traditional stocks onto blockchain networks.

In August, xStocks launched tokenized US equities on HyperCore, initially introducing five assets, including Nvidia, Micron, and ETFs tracking the S&P 500 and Nasdaq 100.

Meanwhile, Ondo Finance has expanded its tokenized stock infrastructure to Hyperliquid’s HyperEVM, allowing users to transfer assets from Ethereum and BNB Chain into the ecosystem.

EQX aims to compete through its custody structure and fee model while making Hyperliquid a larger venue for equity price discovery.

The company also plans to support additional use cases, including using tokenized stocks as collateral in lending markets, hedging positions with equity perpetuals, and integrating the assets into trading strategies.

Its planned launch adds to the growing overlap between decentralized trading infrastructure and traditional equity markets, as issuers seek to extend stock trading beyond conventional exchange hours.