• Silhouette launched its RFQ system on Hyperliquid mainnet with support for xStocks, letting traders request competing market-maker quotes and settle winning trades onchain.
  • xStocks has processed more than $40 billion in volume across over 200,000 holders, with nearly $20 billion already settled directly onchain.
  • The RFQ model lets tokenized equities trade without dedicated order books, while successful assets can later graduate to HyperCore markets if they attract sufficient trading activity.

Silhouette has launched its request-for-quote trading system on Hyperliquid mainnet, beginning with tokenized equities from xStocks, Payward’s tokenized stock framework. The system lets traders request prices for supported xStocks, receive competing quotes from approved market makers and settle the winning trade onchain at any hour and at size. The key change is that tokenized equities can now trade on Hyperliquid without requiring dedicated order books from day one. Silhouette says assets that generate sufficient activity can later graduate into their own HyperCore markets, creating a path from quoted liquidity to deeper exchange-style trading.

Size finds size. 🖤

Silhouette's RFQ is live on Hyperliquid with @xStocksFi.

Request a quote, execute, settle onchain. pic.twitter.com/GVH8jP1FiG

— Silhouette (@silhouette_ex) September 1, 2026

RFQ Trading Creates a New Liquidity Path for Tokenized Equities

The RFQ structure is designed to solve a practical liquidity problem for newly tokenized shares. Instead of waiting for each asset to attract enough bids and offers to sustain a continuous order book, traders can solicit competing prices directly from market makers. That approach turns liquidity into an on-demand service, allowing less-established tokenized equities to trade before they develop permanent market depth. Founder Chandler De Kock said market makers compete for every trade, settlement occurs onchain and assets proving real flow can eventually move into dedicated HyperCore markets, linking early-stage execution with a more conventional trading structure.

xStocks already brings significant scale into that experiment. Launched in June 2025, Payward’s tokenized equity framework has processed more than $40 billion in total volume across more than 200,000 holders, with nearly $20 billion settled onchain. Silhouette is therefore connecting its new RFQ layer to a tokenized-equity system that already has substantial users, trading history and blockchain settlement activity. xStocks issues tokens backed one-to-one by publicly listed shares and has expanded beyond U.S. equities into markets across the United States, Europe and Asia, giving the RFQ system a broader potential inventory as tokenization expands.

The wider tokenized-equity market remains much smaller than traditional stock markets, with about $2.53 billion in assets outstanding. xStocks accounts for roughly $620.1 million, ranking behind Ondo at about $856.3 million and narrowly behind bStocks at $621.5 million. The strategic question is whether RFQ execution can help tokenized shares overcome fragmented liquidity and graduate into deeper onchain markets. Payward also plans to tokenize the 100 largest London Stock Exchange companies, with the first London-listed xStocks expected in coming weeks subject to regulatory approval, potentially giving Silhouette additional assets to support through its new trading model globally.