The rapid growth of the sector is largely tied to how the digital assets themselves are structured. At the moment, 86% of tokenized stocks are issued under the model of classic stablecoins: the instruments are fully backed by the underlying asset in a 1:1 ratio and, at the same time, function without the direct operational or legal participation of the issuer of the original securities.
Ethereum, which currently controls 53.8% of the global stablecoin market ($158.71 billion out of a total of $294.75 billion), carries its well-tested and liquid infrastructure over to traditional securities.
Professional market participants assess this shift as a potential repetition of the success of stablecoins, but this time in the stock market.
Parallel reality
While spot infrastructure is being built on Ethereum, a completely different, speculative life is unfolding in the derivatives market. Here, historical records are being set on decentralized venues: open interest, with contracts on the same tokenized stocks accounting for the largest share, has reached $1.76 billion.
An example of this ecosystem is the Hyperliquid platform, whose native token $HYPE is trading at around $87.70. The coin is supported by an inflow of new holders, as well as automated tokenomics: the platform directs $1.24 million daily to buying back $HYPE from the open market.
Representatives of the investment community have outlined the zone from $70 to $76 as a key long-term support level. Current market conditions point to a possible move toward the $90–$100 range.
The existence of this parallel reality — from spot on Ethereum to highly liquid futures on Hyperliquid — shows that the blockchain is becoming a multi-level environment for different types of capital.