Hyperliquid recently rolled out a new feature called Stars, allowing deployers to set an allowlist for trading specific commodity futures on the platform. This list can include up to 10,000 addresses, restricting non-approved users to only funding accounts without trading ability a practice that mimics centralized exchanges.

Market watchers see this as a clear move towards onboarding U.S. users under regulatory scrutiny. Analyst Rajiv Patel noted that this could mark the birth of a so-called 'Hyperliquid U.S.' platform, while crypto investor McKenna highlighted ongoing productive talks between Hyperliquid Labs, the Hyperliquid Policy Center, TradeXYZ, and regulators like the SEC and CFTC.

One expert suggested the allowlist helps separate U.S. market makers and users from offshore orderbooks, keeping liquidity pools distinct. This would allow for compliance while maintaining a solid international presence.

The trend is not isolated. Uniswap recently unveiled 'permissioned pools' featuring a similar allowlist system aimed at regulated tokens and tokenized assets. Hyperliquid follows as the second decentralized exchange taking this step, signaling a broader push for DeFi platforms to meet U.S. compliance standards.

Earlier, Hyperliquid became the first DEX to block addresses linked to the sanctioned HTX exchange, indicating a proactive stance on regulatory pressures. Conversations with U.S. regulators have intensified as the platform explores how to offer on-chain trading within the country’s legal frameworks.

Though the U.S. still lacks a definitive DeFi regulatory structure, these developments suggest pioneering efforts to build a path forward. Hyperliquid Labs, along with key commodity futures issuers like TradeXYZ, recently engaged with the SEC to define workable access models.

Meanwhile, the new commodity futures segment, known as HIP-3, has surged, now accounting for about 60% of Hyperliquid’s total daily volume, largely driven by TradeXYZ’s dominant activity. Some investors viewed the KYC update as an immediate negative for Hyperliquid’s native HYPE token, reflecting uncertainty over tighter regulations.

This article is for informational purposes and does not constitute financial advice.