On August 10, xStocks, a tokenized stock platform from Kraken, announced its arrival on the Hyperliquid blockchain network, a leading blockchain network for perpetual derivatives and spot markets.
In the official announcement on X, xStocks stated that “Our first deployment on HyperCore starts with a total of 5 tokenized equities and ETFs, including the leaders in open interest across HIP-3 perps.”
xStocks Brings Tokenized Stocks to Hyperliquid
xStock has introduced the first batch of tokenized equities and ETFs on Hyperliquid’s HyperCore. This will allow users to access spot trading of popular US stocks and indices on one of the biggest decentralized perpetual futures platforms.
The first phase includes 5 assets, Nvidia, the S&P 500 ETF, the Nasdaq-100 ETF, SK Hynix, and Micron. The reason behind the selection of these assets is that they have the most open interest in Hyperliquid’s equity perpetual markets. It is expected that new assets like SpaceX, Sandisk, and Tesla will be added soon.
xStocks are fully backed by actual shares in a 1:1 ratio and held in regulated custody. This allows users to gain economic exposure without directly holding them like a traditional stock market. However, they are not available to US netizens.
After its launch in 2025, xStocks has expanded its offerings to more than 650 assets. According to rwa.xyz, xStocks currently holds $561.95 million in distributed asset value. In the last 30 days, the total distributed asset value on xStocks soared by more than 15%. As of now, it handled around $40 billion in trading volume and is available in more than 110 countries.
The announcement states that xStocks will use Chainlink’s CCIP bridge to transfer assets into Hyperliquid. The process involves bridging assets into HyperEVM through the xStocks DeFi portal, then wrapping them for trading on HyperCore. After its integration on HyperEVM, tokens can be used in DeFi applications like lending collateral. In the Hyperliquid ecosystem, major market makers can provide liquidity for round-the-clock trading.
xStocks GM Val Gui said that “Hyperliquid has one of the most engaged onchain trader bases found anywhere and has strong product-market fit as a venue for price discovery when traditional markets are closed. With this launch, xStocks is answering untapped demand on a major decentralized trading venue: enabling traders to access spot markets for tokenized equities around the clock and unlocking those assets as collateral for DeFi protocols on HyperEVM.”
Tokenized Stock Market Sees Sharp Growth, Hits $2.3B in Total Value
In the last few months, tokenized stocks have witnessed explosive growth, thanks to major regulatory developments around it despite some friction from traditional trading groups. According to on-chain data, the market cap of tokenized stocks soared over 140% in 2026, helping it to climb from around $800 million in the first quarter to around $2.37 billion. The current monthly transfer volume revolves around $20.96 billion.
xStocks and other platforms like Ondo Finance are opening doors for traders to access tokenized stocks. Recently, Dinari revealed the launch of SpaceX as a tokenized equity on HyperCore. In May, RWA Inc. revealed its arrival in the tokenized stocks market.
Apart from this, Ondo is also expanding its tokenized stocks and ETFs on Hyperliquid’s HyperEVM. These major developments allow traders to implement strategies like basis trading between spot tokens and perpetuals on the same platform. Dinari has also opened access for qualified US investors to various tokenized stocks through self-custody wallets.
Some major regulatory developments in the digital asset sector have also pushed the adoption of tokenized stocks through regulated entities and companies. For example, Nasdaq has secured approval from the US Securities and Exchange Commission to trade tokenized versions of certain securities under a DTC pilot that covers Russell 1000 stocks and popular index ETFs.
Apart from this, Nasdaq is also joining hands with Kraken’s parent company, Payward. The purpose of this partnership is to develop an equities gateway by using the xStocks system. By doing this, it plans to support issuer-backed tokens with full legal rights and programmable features, with services expected to launch in early 2027.
