Key Takeaways:
- Hyperliquid RWA volume hit $25.1B, 52% of total weekly trading
- RWA holders grew 32% to 1.25 million users in the past month
- Circle CEO called the shift away from endogenous crypto assets "major"
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Hyperliquid RWA trading hits $25.1B, topping all other asset categories
Tokenized real-world asset trading on Hyperliquid generated $25.1 billion in weekly volume, surpassing all other asset categories on the decentralized exchange for the first time.
"This is a major structural shift in crypto markets, moving away from speculating on endogenous digital commodities," Jeremy Allaire, co-founder and CEO of Circle, said in a Friday X post.
RWAs accounted for 52% of Hyperliquid's total $48.2 billion in weekly volume from July 13 to July 19, according to Blockworks data. The RWA category alone was larger than the combined crypto perpetual volume of every other decentralized exchange, ARK Invest research director Lorenzo Valente wrote on X. Over the past month, RWA holders on Hyperliquid grew 32% to 1.25 million users, while total tokenized RWAs rose 3.5% to $36.7 billion, per RWA.xyz.
Hyperliquid generated $7.6 million in revenue over the past week, ranking third among crypto applications behind stablecoin issuers Tether ($112 million) and Circle ($45 million), according to DefiLlama. The milestone signals growing demand for tokenized assets onchain and has drawn attention from Wall Street, with NYSE parent Intercontinental Exchange CEO Jeffrey Sprecher urging regulators to create a level playing field for 24/7 onchain perpetual futures.
The shift toward RWAs reflects a broader push by both crypto-native firms and traditional financial institutions to bring real-world assets onto blockchain rails. In March, the NYSE partnered with tokenization platform Securitize to develop blockchain-based stock trading infrastructure with 24/7 settlement.
Pantera Capital said in July that perpetual futures could become a dominant trading instrument beyond crypto, citing structural advantages over traditional derivatives including 24/7 trading, no contract expiries and continuous price discovery.
This article is for informational purposes only and does not constitute investment advice.
