Recent news shows that Hyperliquid's weekly real-world asset (RWA) trading volume has overtaken its crypto trading volume for the first time. According to Ark Invest, $26 billion out of Hyperliquid's $50 billion weekly volume came from RWAs, accounting for 54%. Notably, single-stock perpetuals based on the HIP-3 standard make up 61% of this RWA volume, signaling that on-chain trading is rapidly expanding into the realm of traditional stocks.

It is also notable that stablecoin issuer Circle is providing technical support for Hyperliquid's USDC-based trading environment and is coordinating validator participation by staking 500,000 HYPE tokens, worth approximately $32 million. Additionally, CFTC Commissioner Michael Selig’s stated intention to devise a regulatory framework tailored for on-chain perpetual platforms is creating a positive momentum for institutional adoption.

However, there are still risks that warrant caution. According to DefiLlama analysis, the nearly 170,000 newly active wallets are not primarily driving actual fee revenue; rather, the trend is more heavily influenced by existing crypto traders expanding their activity into synthetic stock markets. Furthermore, with a single entity holding over 90% of RWA open interest, the concentration and subsequent risk of sudden liquidation are worth keeping an eye on.

This is quite an interesting trend. 😄 Let's keep tracking whether it can overcome regulatory risks and evolve into an on-chain institutional financial hub!

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