EQX Labs plans to launch 11 tokenized US stocks and ETFs on Hyperliquid’s HyperCore order book, expanding the platform's spot equity offerings. The initial markets include Apple, Nvidia, Microsoft, Amazon, Alphabet, Meta, Tesla, Micron, SpaceX, S&P 500, and Nasdaq 100 ETFs. These assets will trade as HIP-1 tokens against USDC with 24/7 availability. Each token is backed one-to-one by shares held through custodians connected to the Depository Trust Company, including Alpaca, StoneX, and Clear Street. Issued by EQX SPC Ltd., a British Virgin Islands entity, the tokens represent limited recourse debt instruments rather than direct securities ownership. Holders receive automatic dividend reinvestment and voting rights via wallet signatures. EQX charges no issuer fees for creation, redemption, or holding; traders pay only standard Hyperliquid spot fees. The company funds operations through a share of trading fees. Products are not offered to US persons. No exact launch date has been announced.
This development signifies a strategic push by decentralized exchanges to capture traditional equity market volume by offering round-the-clock access to major tech stocks and indices. By integrating spot tokenized equities alongside existing perpetual futures, Hyperliquid enhances its utility as a comprehensive trading venue. The structure relies on legal wrappers like segregated portfolio companies in offshore jurisdictions to manage regulatory exposure while providing economic benefits such as dividends and voting rights.
From a Compliance perspective, the exclusion of US persons highlights the ongoing tension between innovative crypto infrastructure and strict securities regulations. The use of limited recourse debt instruments instead of direct ownership may mitigate certain regulatory risks but introduces counterparty risk tied to the issuer and custodians. Market participants must carefully assess the transparency of custody proofs and the legal enforceability of these claims across different jurisdictions.
