EQX Labs plans to introduce tokenized U.S. stocks and ETFs on Hyperliquid, enabling 24/7 trading, but these stock-backed instruments will not confer direct ownership of the underlying stocks. The plan, announced on October 14, 2026, covers 11 markets on the platform’s native spot order book and excludes U.S. persons.
Key points
- EQX plans to list assets including SPY, QQQ, Apple, NVIDIA, and Tesla.
- These tokens are offshore debt instruments backed by equities.
- Holders typically sell their tokens rather than redeem them for shares.
According to The Defiant, these markets will pair tokens with USDC on HyperCore. EQX’s filings show that its structure involves brokers holding the underlying shares, approved institutions responsible for creation and redemption, and other eligible users trading on the secondary market.
How will EQX's tokenized U.S. stocks be traded?
These 11 planned markets will use Hyperliquid’s HIP-1 token standard, with equity-backed spot tokens natively issued on HyperCore. The initial products include the SPY and QQQ ETFs, as well as individual stocks such as Apple, NVIDIA, and Tesla.
This structure differs from other equity-like products in the ecosystem. In March, Felix launched Ondo-supported stocks and ETFs on HyperEVM, using securities tokenized on Ethereum and bridged into the ecosystem, as described by Ondo. In May, Trade.xyz launched a synthetic pre-IPO perpetual market for SpaceX.
What distinguishes EQX is its backing mechanism: these tokens provide exposure tied to over-the-counter held shares, rather than perpetual stock exposure.
Stock support and offshore issuers
The tokenized U.S. stocks of EQX will legally constitute debt obligations rather than direct equity ownership. The issuer is EQX SPC Ltd., a segregated portfolio company incorporated in the British Virgin Islands; these instruments are limited-recourse notes, each corresponding to a separate portfolio associated with its respective code.
A Cayman Islands purpose trust owns the issuer. EQX Labs provides technology but does not issue these securities.
EQX states that brokerage accounts opened in the name of the issuer will hold the underlying stocks. These accounts will be held at Alpaca Securities LLC, StoneX Financial Ltd., and Clear Street LLC.
Eligibility, Redemption, and Shareholder Participation
Under EQX’s eligibility rules, U.S. persons are not eligible to participate, nor are individuals located within the United States. This offering also excludes residents of the British Virgin Islands and any individuals located there, sanctioned persons, and individuals located in jurisdictions fully sanctioned by the United States, the United Nations, the United Kingdom, or the European Union.
Only authorized participants—entities approved to create and redeem tokens—can typically exchange tokens for shares. Other holders generally exit by selling on the secondary market. EQX states that the creation and redemption mechanism helps keep token prices close to the value of the underlying shares during U.S. market trading hours.
Dividends will be reinvested into the same stock after deducting applicable withholding taxes. Holders can submit voting instructions by signing with their wallet.
Fees and Support Disclosure
EQX does not charge issuers any fees for token creation, redemption, or holding. Its revenue will come from a portion of Hyperliquid's trading fees, while users will still pay standard spot trading fees.
At launch, EQX plans to release broker statements and dashboards that distinguish between settled underlying stocks and those set to settle on the next U.S. business day.
This article was generated with the assistance of artificial intelligence and reviewed by the editorial team.