Hyperliquid co-founder Jeff Yan said the platform’s entry into the U.S. market depends on a separate operating entity conducting business above the protocol and meeting regulatory requirements. According to Odaily, Hyperliquid’s HIP-3 upgrade allows third parties to deploy derivatives markets for assets including stocks, gold and crude oil, while ecosystem project Trade.xyz has recorded more than $500 billion in cumulative trading volume. Intercontinental Exchange (ICE) has invested in Trade.xyz to support the entry of related products into the U.S. market. Yan also expressed optimism about future growth in real-world asset (RWA) tokenization.