Tokenized real-world assets now account for more than half of Hyperliquid's weekly trading volume, a milestone that shows the growing convergence of traditional finance and decentralized exchanges.
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Hyperliquid RWA trading tops 50% of volume as tokenized assets surge
Tokenized real-world assets became Hyperliquid's largest trading category for the first time, accounting for more than half of the decentralized exchange's weekly volume in the period ending July 24.
"This is a major structural shift in crypto markets, moving away from speculating on endogenous digital commodities," Circle co-founder and CEO Jeremy Allaire said in a July 18 post on X.
Hyperliquid's cumulative protocol revenue passed $1 billion in June, with 99 percent of fees routed into open-market HYPE buybacks, according to The Block data. HYPE has gained about 146 percent this year even as the broader crypto market declined. Bitwise CIO Matt Hougan named Hyperliquid as one of two investments expected to lead the next crypto cycle, citing its revenue-to-tokenholder model.
Citi projects tokenized securities could grow into a $5.5 trillion market by 2030, with global asset managers including BlackRock, Apollo and Franklin Templeton already active in the space. Tokenized real-world assets on the XRP Ledger have climbed 388 percent this year to $4.4 billion, while the NYSE partnered with Securitize in March to develop blockchain-based stock trading infrastructure.
The shift positions Hyperliquid as a key venue for institutional-grade on-chain trading and may push other decentralized exchanges to list more real-world asset products. Uniswap Labs this week introduced Permissioned Pools, a framework developed with Securitize and Superstate that lets issuers of tokenized funds enforce compliance rules directly onchain. Aave also rolled out Horizon, an institutional lending venue for tokenized assets.
Hyperliquid's HIP-4 upgrade, live since early May, added permissionless outcome markets where deployers stake 500,000 HYPE — roughly $31 million at current prices — to list event contracts and keep up to 50 percent of transaction fees. The exchange is not available to US users, limiting its direct competition with Kalshi and Robinhood in that market. Pantera Capital said in July that perpetual futures could become a dominant trading instrument beyond crypto, citing 24/7 trading and no contract expiries as structural advantages over traditional derivatives.
This article is for informational purposes only and does not constitute investment advice.
[1] RWAs become Hyperliquid's largest trading category[2] Here's Why Hyperliquid Is Now a Threat to Robinhood, Kalshi, and Polymarket[3] Uniswap pushes deeper into tokenized assets with permissioned trading pools[4] Bitwise’s Matt Hougan Backs HYPE and Robinhood for the Next Cycle: Where Does That Leave XRP?
