Jeff Yan Sees Large-Company Shares as a Possible Tokenization Target

Hyperliquid founder Jeff Yan described tokenized real-world assets as a possible product direction, saying high-quality assets would appeal if he were starting from scratch and products tied to large-company shares could come later.

Yan said decisions about specific offerings would depend on third-party developers; he did not announce a tokenized-stock launch. Hyperliquid provides infrastructure that outside operators can use to launch trading venues.

In the U.S. approach Yan described, HIP-3 partners could conduct identity checks and monitor markets while Hyperliquid itself does not directly operate a trading service for U.S. customers. Hyperliquid began testing an updated HIP-3 framework with identity verification in September 2026.

Yan has previously described a model in which financial firms operate markets on the network while keeping their customer relationships, as outlined in his shared-infrastructure proposal.