On-chain traders on Hyperliquid can now trade over 250 tokenized U.S. equities.
Felix Protocol has launched tokenized U.S. stocks and exchange-traded funds on HyperEVM, delivering on a partnership with Ondo Finance that was first announced in January.
The launch gives on-chain traders access to more than 250 tokenized equities through Felix’s native trading interface, with assets backed by real shares held off-chain through Ondo Global Markets. Felix claims users can execute orders as large as $1 million with net execution costs below 10 basis points — a threshold the protocol says addresses one of the key barriers to on-chain equity adoption.
“On-chain traders no longer have to off-ramp funds to gain exposure to US capital markets,” the protocol said in a post on X. The offering is not available to U.S. users or those in other prohibited jurisdictions.
Ondo Infrastructure
All tokenized assets on Felix are built on Ondo Global Markets’ spot infrastructure, which routes mints and redemptions through Felix’s smart contracts. Each token gives users economic exposure to the underlying asset’s price action and dividends, rather than direct share ownership.
Ondo is the dominant issuer in the tokenized equity space. The protocol’s total value locked (TVL) recently surpassed $550 million in tokenized stocks alone, commanding 59% of the market, according to data from RWAxyz. Ondo’s broader platform — which includes tokenized Treasuries and its USDY dollar-yield product — holds roughly $2.9 billion in total TVL, per DefiLlama.
From Lending to Equities
Felix began as a collateralized debt position and lending protocol on HyperEVM, and has grown into the fifth-largest DeFi application on Hyperliquid’s Layer 1 network. The protocol currently holds approximately $167 million in TVL, according to DefiLlama.
Felix said future iterations of the equities product will include limit orders and dollar-cost averaging across tokenized assets, exposure to international equity markets in countries such as South Korea, Japan, and India, support for hundreds of additional U.S. equities, and the integration of stocks and ETFs as collateral on Felix’s lending markets.
The collateral use case could be particularly significant: it would allow traders to borrow against their tokenized equity holdings on-chain, merging the protocol’s existing lending infrastructure with its new equities product.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.