Hyperliquid integrates xStocks tokens via Chainlink CCIP, bringing tokenized US equities to its DEX

Hyperliquid, the Layer 1 blockchain that has quietly built one of the most active decentralized exchanges in crypto, now supports tokenized US equities through an integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP). The move brings xStocks, which are 1:1 backed tokenized versions of US stocks and ETFs, onto Hyperliquid’s spot trading infrastructure.

How the plumbing works

Chainlink’s CCIP serves as the connective tissue between Hyperliquid and the broader multi-chain ecosystem. The protocol handles cross-chain token transfers through a burn-and-mint mechanism, meaning tokens aren’t just copied across chains. They’re destroyed on one side and recreated on the other, keeping supply in check.

Hyperliquid runs two layers: HyperCore, a custom-built order-book engine, and HyperEVM, an Ethereum Virtual Machine compatible environment. CCIP bridges the gap between HyperCore’s native tokens and ERC-20 tokens on HyperEVM, allowing assets from other chains to plug into Hyperliquid’s trading system.

The cross-chain infrastructure also leverages xBridge, which initially focused on Ethereum-to-Solana transfers before expanding to support Hyperliquid. Together, CCIP and xBridge create a pipeline for tokenized assets to move across chains and land on Hyperliquid’s spot markets.

At least 10 xStocks tickers have registered for spot trading on the platform following auction processes, according to community reports. Tickers like AAPLx and NVDAx give users direct exposure to the underlying equities without leaving the DeFi ecosystem.

What xStocks actually are

xStocks are tokenized representations of US equities and ETFs developed by Backed Finance, which is part of the Kraken Group. Each token is backed 1:1 by the corresponding underlying asset, meaning one AAPLx token represents one share of Apple stock held in reserve.

Until now, Hyperliquid was primarily known for perpetual futures trading, where it has carved out a dominant position among decentralized exchanges. Adding tokenized equities to its spot markets represents a meaningful expansion of its product surface area.

Why this convergence matters

The CCIP integration on Hyperliquid has been live since July 2025, giving the infrastructure several months to stabilize before the xStocks rollout gained traction.

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