ICE Builds Perps Venue on Hyperliquid as 30+ Issuers Veto Tokenized Stocks

Intercontinental Exchange (ICE) is partnering with TradeXYZ to develop a CFTC-regulated, KYC-compliant exchange for perpetual futures on the Hyperliquid blockchain. This initiative aims to bring institutional-grade price discovery for real-world assets onto crypto-native rails, moving beyond experimental trading to a regulated US venue. The move follows a broader trend of tokenized stock listings, such as the joint venture between ICE and OKX that listed tokenized shares of companies like Nvidia and Apple. While some public companies have utilized SEC innovation exemptions to request delisting from these platforms, proponents argue that on-chain settlement and 24/7 trading represent an inevitable evolution of financial infrastructure. The integration of perpetual futures into crypto-native networks signals a shift where traditional financial giants are increasingly leveraging blockchain technology for efficiency. This development highlights the ongoing tension between legacy financial institutions and the decentralized infrastructure they are beginning to adopt. Ultimately, the migration of price discovery for commodities and equities to on-chain environments underscores the growing maturity of RWA tokenization.