Hyperliquid Brings Tokenized Equities to Its Platform Via Chainlink

Hyperliquid has expanded its offerings by integrating tokenized US equities via Chainlink's Cross-Chain Interoperability Protocol (CCIP). This integration enables traders to engage with xStocks, which represent a 1:1 backed tokenized version of actual US stocks within Hyperliquid's trading environment.

The CCIP operates on a burn-and-mint mechanism for token transfers, maintaining the integrity of token supply across connected ecosystems. This infrastructure leverages xBridge, initially focused on enabling transfers between Ethereum and Solana, but now supporting Hyperliquid as well.

xStocks are innovative financial instruments developed by Backed Finance, part of the Kraken Group, offering users tokenized representations of US equities and ETFs. Each xStock is directly backed by the underlying asset, ensuring that holding an AAPLx token equates to ownership of one share of Apple stock securely held in reserve.