For the first time, tokenized real-world assets (RWA) represented the majority of trading volume on Hyperliquid with 54 % of total volume over a single week, reaching $26 billion on the HIP-3 market, surpassing the crypto perpetual contracts of all other DEXs combined. Total perpetual contracts volume on the platform reached $50 billion over the period, out of $79 billion across all DEXs. Since June, individual stocks account for 61 % of RWA trading volume on HIP-3, overtaking indices and commodities. Circle founder Jeremy Allaire described this evolution as a major structural shift in crypto markets, with USDC serving as the reference asset on the platform.
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