Silhouette debuts RFQ trading for xStocks on Hyperliquid

Silhouette, the block trading layer built for Hyperliquid, launched its request-for-quote (RFQ) system on mainnet on Tuesday, opening with support for tokenized equities issued through xStocks, the tokenized equity framework from Payward.

Under the RFQ model, traders can request quotes on any supported xStock and receive competing bids from onboarded market makers. The winning trade settles onchain at any hour and at any size, according to the company. Because quotes are sourced from market makers rather than a central limit order book, supported xStocks can trade without a dedicated order book of their own. Silhouette said tokens that attract sufficient trading activity can later graduate to their own HyperCore markets.

"Tokenized stocks keep arriving onchain, and most of them have nowhere to trade," said Silhouette founder Chandler De Kock. "Market makers compete for every trade, settlement is onchain, and the assets that prove real flow graduate to their own HyperCore markets."

xStocks issues 1:1-backed tokens representing publicly listed shares and has moved beyond U.S. equities into markets across the U.S., Europe and Asia. Launched in June 2025, the framework has processed more than $40 billion in total volume across over 200,000 holders, with close to $20 billion of that settled onchain, per the company.

Growing tokenized equity market

Roughly $2.53 billion of tokenized equities exist in total, according to RWA.xyz data cited in the report. Payward's xStocks accounts for about $620.1 million of that, ranking it third among issuers behind Ondo at approximately $856.3 million and bStocks at about $621.5 million.

The launch follows news earlier on Tuesday that Payward plans to tokenize the 100 largest companies listed on the London Stock Exchange, with the first London-listed xStocks expected in the coming weeks, subject to regulatory approval.