EQX plans to bring 24/7 trading to tokenized US stocks, but not direct ownership

EQX Labs plans to bring tokenized US stocks and ETFs to Hyperliquid with 24/7 trading, but the share-backed instruments will not confer direct stock ownership. The plan, announced on October 14, 2026, covers 11 markets on the platform’s native spot order book and excludes US persons.

Key takeaways

• EQX’s planned lineup includes SPY, QQQ, Apple, Nvidia and Tesla.
• The tokens are offshore-issued debt instruments backed by shares.
• Ordinary holders generally sell tokens rather than redeem them for stock.

According to The Defiant, the markets will pair the tokens with USDC on HyperCore. EQX’s documentation describes a structure in which brokers hold the backing shares, approved firms handle creation and redemption, and other eligible users trade on secondary markets.

How EQX’s tokenized US stocks will trade

The 11 planned markets will use Hyperliquid’s HIP-1 token standard, with share-backed spot tokens issued natively on HyperCore. The initial offering combines the SPY and QQQ ETFs with individual stocks including Apple, Nvidia and Tesla.

That structure differs from other equity products in the ecosystem. In March, Felix introduced Ondo-backed stocks and ETFs on HyperEVM, using securities that Ondo describes as tokenized on Ethereum and bridged into the ecosystem. Trade.xyz introduced a synthetic SpaceX pre-IPO perpetual market in May.

EQX’s distinction is the backing: its tokens provide claims tied to shares held offchain, rather than equity perpetual exposure.

Share backing and the offshore issuer

EQX’s tokenized US stocks will legally be debt obligations, not direct equity ownership. The issuer is EQX SPC Ltd., a British Virgin Islands segregated portfolio company, and the instruments are limited-recourse notes, each linked to a separate portfolio for its ticker.

A Cayman Islands purpose trust owns the issuer. EQX Labs provides the technology rather than issuing the securities.

EQX says broker accounts in the issuer’s name will hold the underlying shares. Those accounts will be at Alpaca Securities LLC, StoneX Financial Ltd. and Clear Street LLC.

Eligibility, redemption and shareholder participation

US persons are ineligible under EQX’s access rules, as is anyone located in the United States. The offering also excludes British Virgin Islands residents and anyone there, sanctioned persons, and people in jurisdictions subject to comprehensive US, UN, UK or EU sanctions.

Only authorized participants—approved firms that create and redeem tokens—can ordinarily exchange them for shares. Other holders generally exit through secondary-market sales. EQX says creation and redemption help keep token prices close to the backing shares’ value during US market hours.

Dividends will be reinvested into the same stock after applicable withholding taxes. Holders can submit voting instructions by signing with their wallets.

Fees and backing disclosures

EQX plans to charge no issuer fees for token creation, redemption or holding. Its revenue will come from a share of Hyperliquid’s trading fees, while users will still pay standard spot trading fees.

At launch, EQX plans to publish broker statements and a dashboard distinguishing settled backing shares from shares awaiting delivery by the next US business day.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.