Perpetual decentralized exchange (DEX) Hyperliquid’s weekly tokenized real asset (RWA) trading volume exceeded the combined volume of all other asset classes for the first time.

According to Blockworks, RWA assets generated $25.1 billion in trading volume from July 13 to July 19, representing 52% of Hyperliquid’s total weekly volume of $48.2 billion data.

“The RWA Hyperliquid market alone was larger than the total cryptocurrency volume of every other DEX,” wrote ARK Invest’s research director for digital assets, Lorenzo Valente, in Thursday’s issue of X post.

This milestone reflects the growing demand for tokenized assets on Hyperliquid. Over the past month, the number of RWA holders increased by 32% to 1.25 million users, while the total value of tokenized RWAs increased by 3.5% to $36.7 billion, According to to the RWA.xyz data aggregator.

Hyperliquid generated $7.6 million in revenue last week, According to to DefiLlam. Perpetrator DEX ranked third among crypto apps in terms of weekly revenue, behind stablecoin issuers Tether and Circle, which generated $112 million and $45 million, respectively.

Hyperliquid: Perpetual Futures Volume, 2-Year Chart. source: Blockworks

Related: Hyperliquid launches markets for predicting real-world events

Major ‘structural change’ in cryptocurrency markets: Circle co-founder

Crypto companies and established financial institutions have expanded their offering of tokenized assets, bringing more financial assets to the blockchain network. In March, the NYSE partnered with tokenization platform Securitize to develop a blockchain-based stock trading infrastructure enabling 24/7 trading and settlement.

Circle co-founder and CEO Jeremy Allaire he said growing RWA trading on Hyperliquid marks a “major structural shift” in cryptocurrency markets, moving “away from speculation in endogenous digital goods” – in X’s Friday post.

In early July, Pantera Capital stated that perpetual futures could become the dominant trading instrument outside of cryptocurrencies because perps offer structural advantages over established derivatives, including 24/7 trading, no contract expiration, simpler position management, and continuous price discovery.

Hyperliquid’s development has drawn the attention of Wall Street institutions, including Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, whose CEO, Jeffrey Sprecher, has urged regulators to create a “level playing field” in launching 24-hour futures contracts on the blockchain.

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