Key highlights:
- Hyperliquid recorded its first week in which RWA trading volume surpassed crypto.
- The DEX recorded $26 billion in tokenized asset trades, accounting for 54% of activity on the platform.
- Industry experts have termed the numbers a major turning point for the digital asset sector, moving it away from heavy speculation.
Hyperliquid processed more trading volume from real-world assets (RWAs) than cryptocurrencies for the first time in a single week. The milestone comes as tokenized equities continue to gain traction with Circle CEO Jeremy Allaire as a “major structural shift” for digital assets.
RWAs dominate weekly trading on Hyperliquid
According to data from Blockworks, RWAs accounted for 54% of Hyperliquid’s total trading volume last week. Hyperliquid processed about $50 billion in total perpetual futures volume during the week, with $26 billion coming from HIP-3 RWA markets.
Over the last week, Hyperliquid’s RWA market processed more trading volume than the combined crypto perpetual trading volume of all other decentralized exchanges. The figures underscore how tokenized traditional assets are becoming a major driver of activity on decentralized exchanges.
Source: Blockworks
A close look at the data indicates a shift within the RWA market itself. Since June, trading in tokenized individual stocks has overtaken indices and commodities on Hyperliquid’s HIP-3 platform.
Individual equities now account for 61% of all RWA trading volume on the platform. Lorenzo Valente, Director of Research at ARK Invest, noted that the milestone marks a new era for decentralized finance, predicting RWAs to become tradable on separate platforms from cryptocurrency tokens.
“I’m no longer convinced RWA trading will naturally aggregate on the same venue as crypto. There will likely be category leaders within RWA, and owning BTC/ETH/SOL flow may become less important than many people assume.”
— Lorenzo Valente, the Director of Research at ARK Invest
Buoyed by the surge in RWA volumes, the HYPE price is holding steady amid a broader cryptocurrency decline to trade at $58.96. Keen on expanding the scope of its operations, Hyperliquid has announced its foray into permissionless prediction markets with the HIP-4 upgrade.
Circle CEO Jeremy Allaire sees structural market shift
In an X post, Allaire described the milestone as a “turning point” for crypto markets, spelling the end of heavy speculation on crypto tokens. He added that the numbers indicate that investors are leaning toward blockchain infrastructure that supports broader global financial markets.
“This is a major structural shift, and possibly the turning point in the evolution of crypto markets away from speculating on endogenous digital commodities,” said Allaire.
Allaire noted that Circle’s USDC stablecoin is playing a central role in enabling the transition. The stablecoin has positioned itself as the trusted digital cash rail for settling transactions, garnering a streak of RWA tokenization partnerships in recent months.
Industry forecasts expect RWA tokenization to become one of the largest sectors in crypto by the end of the decade. The Boston Consulting Group predicts up to $16 trillion in tokenized illiquid assets by 2030, with Standard Chartered forecasting a $30 trillion market capitalization by 2030.
