EQX Plans 11 Tokenized U.S. Stock Markets on Hyperliquid
EQX announces 11 tokenized stock and ETF markets
EQX Labs announced on Oct. 14 that it will bring 11 tokenized U.S. stock and exchange-traded fund markets to Hyperliquid, the decentralized crypto derivatives exchange. Trading would take place on HyperCore, Hyperliquid's native spot order book, against the USDC stablecoin.
The first 11 markets will include the SPY and QQQ ETFs, as well as shares of Apple, Nvidia, and Tesla. EQX says the markets will offer 24/7 trading. No opening date was set in the announcement.
How the tokens work
EQX's published terms say EQX SPC Ltd., a British Virgin Islands segregated portfolio company, will issue the tokens. Each token is a limited-recourse note tied to its own segregated portfolio. EQX Labs provides the technology but does not issue the securities.
The underlying shares will be held in accounts at Alpaca Securities LLC, Clear Street LLC, and StoneX Financial Ltd. Authorized participants—firms approved to create and redeem tokens—can exchange tokens for shares. Other holders exit by selling on the secondary market.
Dividends will be reinvested in the same stock after withholding. Holders can submit voting instructions with a wallet signature. EQX says it will charge no issuer fees, funding itself through a share of Hyperliquid trading fees. Standard spot trading fees still apply.
Who is excluded
EQX's eligibility rules say the tokens are not offered to U.S. persons or anyone in the United States, residents of the British Virgin Islands, sanctioned persons, or people in jurisdictions subject to comprehensive U.S., UN, UK, or EU sanctions.
A different approach from earlier attempts
The plan follows earlier efforts to bring tokenized equities to Hyperliquid. Felix launched Ondo-backed tokenized stocks and ETFs on HyperEVM in March, using securities tokenized on Ethereum and bridged into the ecosystem. EQX's approach instead issues share-backed spot tokens natively on HyperCore.
At launch, EQX says it will publish a dashboard separating settled backing shares from shares awaiting delivery by the next U.S. business day, alongside brokers' statements.
- 11 tokenized U.S. stock and ETF markets planned for HyperCore
- Initial lineup: SPY, QQQ, Apple, Nvidia, and Tesla
- Shares held at regulated brokers; tokens are debt obligations of a BVI issuer
- U.S. persons and sanctioned jurisdictions are excluded
- No opening date has been set
What the sources say
The Defiant reported on EQX's Oct. 14 announcement, citing EQX documentation and published token terms. The Defiant also referenced EQX's eligibility rules and previous ecosystem launches on Hyperliquid.
Why this matters for DeFi
Tokenized stocks would let eligible users trade equity exposure around the clock outside traditional market hours. EQX says its creation-and-redemption mechanism helps keep token prices close to their backing while U.S. markets are open. The move extends Hyperliquid's appeal beyond derivatives into spot equity markets.
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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