Customization the Rendering of a Field on a List View using XSLT is preferable option here.
Solution
Note:
the method described below represents one of the possible ways
how it could be accomplished with XSLT, i.e.:
a)SharePoint Designer (SPD) is used for customization
b)XSLT text is embedded using Xsl property in XSLListViewWebPart
In SharePoint Designer (SPD) open view page in Designer Mode. Select list item in List View that have to be customized (Hyperlink field) and then click Customize Item as shown on picture below

Switch to Code mode and find generated code for rendering hyperlink field:
<xsl:template name="FieldRef_Hyperlink_URL_body.Link" ddwrt:dvt_mode="body" match="FieldRef[(@Format='Hyperlink') and @Name='Link']" mode="URL_body" ddwrt:ghost="show" xmlns:ddwrt2="urn:frontpage:internal">
<xsl:param name="thisNode" select="."/>
<xsl:variable name="url" select="$thisNode/@*[name()=current()/@Name]" />
<xsl:variable name="desc" select="$thisNode/@*[name()=concat(current()/@Name, '.desc')]" />
<xsl:choose>
<xsl:when test="$url=''">
<xsl:if test="$desc=''">
<xsl:value-of select="$desc"/>
</xsl:if>
</xsl:when>
<xsl:otherwise>
<a href="{$url}" >
<xsl:choose>
<xsl:when test="$desc=''">
<xsl:value-of select="$url"/>
</xsl:when>
<xsl:otherwise>
<xsl:value-of select="$desc"/>
</xsl:otherwise>
</xsl:choose>
</a>
</xsl:otherwise>
</xsl:choose>
</xsl:template>
Note:
a) In my case match attribute has following value:
"FieldRef[(@Format='Hyperlink') and @Name='Link']"
, where Name
corresponds to field internal name
b) By default for Hyperlink field if description value is empty, then url is displayed
So, if you need for force it to display url
instead of description
replace it with the following template:
<xsl:template name="FieldRef_Hyperlink_URL_body.Link" match="FieldRef[(@Format='Hyperlink') and @Name='Link']" mode="URL_body" ddwrt:ghost="">
<xsl:param name="thisNode" select="."/>
<xsl:variable name="url" select="$thisNode/@*[name()=current()/@Name]" />
<a href="{$url}" >
<xsl:value-of select="$url"/>
</a>
</xsl:template>
Result page