RWAs become Hyperliquid’s largest trading categoryTokenized RWA trading became Hyperliquid’s largest trading category for the first time, accounting for more than half of the decentralized exchange’s weekly trading volume.
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Decentralized exchange Hyperliquid saw tokenized real-world assets (RWAs) surpass all other asset categories in weekly trading volume for the first time. From July 13 to July 19, RWAs generated $25.1 billion in trading volume, making up 52% of Hyperliquid’s total weekly volume of $48.2 billion, according to Blockworks data. This means that the single market for tokenized RWAs on Hyperliquid was larger than the combined volume of crypto perpetual futures on every other decentralized exchange.
The growth of RWA trading on Hyperliquid reflects rising demand for tokenized real-world financial assets on blockchain networks. Over the past month, the number of RWA holders increased by 32% to reach 1.25 million users, while the total value of tokenized RWAs rose by 3.5% to $36.7 billion, based on data from RWA.xyz. Hyperliquid also generated $7.6 million in revenue during that week, ranking third among crypto applications by weekly revenue, behind stablecoin issuers Tether and Circle.
Industry figures see this development as significant for the broader crypto market. Jeremy Allaire, co-founder and CEO of Circle, described the rise of RWA trading on Hyperliquid as a “major structural shift,” moving crypto markets beyond mere speculation on native digital commodities. The expansion of tokenized assets on the blockchain is supported by initiatives such as the New York Stock Exchange partnering with tokenization platform Securitize to enable blockchain-based stock trading with 24/7 settlement.
Pantera Capital also highlighted that perpetual futures—like those traded on Hyperliquid—could become dominant beyond the crypto sector due to features like continuous trading and price discovery. Additionally, institutional interest is notable, as Intercontinental Exchange (ICE), the NYSE parent company, is encouraging regulators to establish a regulatory framework for 24/7 onchain perpetual futures contracts. These developments suggest an evolving landscape where traditional and crypto-native financial instruments increasingly overlap through tokenization and decentralized finance platforms.