Silhouette Launches Hyperliquid RFQ System for Tokenized…

Silhouette has launched its request-for-quote block trading system on Hyperliquid mainnet, bringing a new trading model to tokenized equities that does not require each asset to run its own order book. The layer initially supports xStocks, the tokenized equity framework developed by Payward.

Under the system, a trader requests a quote for a supported xStock, receives competing prices from onboarded market makers, selects the winning quote and settles the transaction onchain. That contrasts with conventional exchange trading, where buyers and sellers meet through a continuously refreshed order book. In an RFQ model, liquidity providers bid against each other for individual trades, which Silhouette argues makes it easier to support tokenized shares that have not yet generated enough activity to sustain a standalone market.

A route to dedicated markets

Assets that attract sufficient flow through RFQ can later graduate to dedicated HyperCore markets, giving thinner tokens a path from launch to a conventional order-book market if demand materialises. Silhouette founder Chandler De Kock framed the design as a response to a simple problem: tokenized stocks keep arriving onchain while most of them have nowhere to trade. He pointed to market makers competing for every trade, onchain settlement, and graduation to HyperCore markets for assets that demonstrate genuine flow.

Tokenizing a stock does not by itself create a liquid secondary market. Each new asset normally needs buyers, sellers and market makers willing to post quotes, a task that becomes harder as the number of tokenized securities grows. An RFQ layer spreads that burden across a shared pool of liquidity providers instead of demanding a dedicated book at launch, and may also suit traders executing larger tickets who would otherwise move the price in a shallow market.

xStocks launched in June 2025 and has processed more than $40 billion in cumulative trading volume across over 200,000 holders, Payward says, with close to $20 billion of that settling onchain. The framework issues tokens backed 1:1 by publicly listed shares and has expanded from U.S. equities into European and Asian companies.

According to RWA.xyz data cited in the source, tokenized equities carry a combined market value of roughly $2.53 billion. xStocks accounts for about $620.1 million, narrowly behind bStocks at roughly $621.5 million, while Ondo remains the largest issuer at about $856.3 million. Payward also said it plans to tokenize the 100 largest London Stock Exchange-listed companies, with the first London-listed xStocks expected in the coming weeks subject to regulatory approval. Whether RFQ activity generates recurring volume, rather than one-off interest around new listings, is the next test.