Hyperliquid Expands Tokenized Stock Offerings with EQX Launch

Introduction

Hyperliquid is expanding its presence in traditional financial markets with the launch of EQX, a new tokenized stock offering featuring 11 US stocks and ETFs. The platform will offer traders 24/7 access to tokenized equities backed by shares held through custodians like Alpaca and StoneX.

Background

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.

Features and Benefits

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. EQX promises share backing and zero issuer fees, with dividends automatically reinvested into additional shares after applicable withholding. Traders will also be able to submit voting instructions through wallet signatures.

Competitors and Market Impact

The announcement comes as competition intensifies among issuers seeking to bring traditional stocks onto blockchain networks. xStocks launched tokenized US equities on HyperCore in August, introducing five assets, including Nvidia, Micron, and ETFs tracking the S&P 500 and Nasdaq 100. 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.

Use Cases and Integration

EQX 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.