Uniswap and Hyperliquid tokens surged after the SEC approved limited trading of tokenized stocks on select platforms.
Uniswap (UNI) and Hyperliquid (HYPE), two decentralized exchange tokens, have seen notable increases, with UNI rising 30% and HYPE gaining 13% in a single day.
On September 18, HYPE reached an all-time high of $91, although it is currently trading at approximately $89. Meanwhile, UNI crossed the $9 mark for the first time since November 2025, before settling back to around $8.7.
This surge in token value is largely attributed to the U.S. Securities and Exchange Commission's (SEC) recent approval for limited trading of tokenized stocks on specific on-chain platforms. The SEC has issued a conditional Innovation Exemption effective for five years, allowing these platforms to operate without registering as an "exchange" under the Securities Exchange Act of 1934.
Simultaneously, the Commodity Futures Trading Commission (CFTC) has broadened its exemptions for "passive" trading software, enabling these tools to function as standalone products or as part of third-party applications such as crypto wallets. This new regulation encompasses event contracts, perpetual futures, and various other derivatives.
As interest in traditional tokenized assets grows on decentralized exchanges, the Hyperliquid futures market is particularly popular, focusing on digital stocks, commodities, indices, and forex, apart from cryptocurrencies. In contrast, Uniswap has lower engagement in traditional asset trading but still shows a stronger performance in certain liquidity areas such as meme tokens and staking.
Additionally, in August, Hyperliquid and trade[XYZ] presented a proposal to the SEC aimed at modernizing initial public offerings (IPOs).
