EQX Labs Plans Tokenized Equities for Hyperliquid Order Book
EQX Labs intends to list 11 tokenized U.S. stocks and ETFs on Hyperliquid's HyperCore order book. The lineup would include major technology firms plus S&P 500 and Nasdaq 100 ETF products, with USDC trading available around the clock for eligible non-U.S. users. Each token is designed to be backed one-for-one by shares held at Alpaca, StoneX, and Clear Street, though no launch date has been set.
EQX Labs intends to add eleven tokenized U.S. equities and ETFs to Hyperliquid’s HyperCore order book. The proposed list includes large technology names plus S&P 500 and Nasdaq 100 ETF products, quoted against USDC for eligible non-U.S. users. No launch date has been disclosed.
The tokens would be HIP-1 assets. EQX says each would be matched one-for-one by shares held via Alpaca, StoneX, and Clear Street. Holders would not own the securities directly; they would hold limited-recourse debt claims issued by a British Virgin Islands segregated portfolio company. Dividends would be reinvested, and voting instructions could be submitted through wallet signatures.
This could broaden access to U.S. equity exposure for non-U.S. traders outside market hours, potentially increasing convenience but also adding counterparty, custody, and regulatory complexity. Retail and professional crypto users may gain new tools, while traditional brokers and exchanges could face competitive pressure. Because tokens represent contractual claims rather than direct shares, investors may need clearer disclosure to understand rights and risks. Policymakers and custodians may weigh innovation against investor protection.