Silhouette launches RFQ trading for xStocks on Hyperliquid

Silhouette, a block trading layer for the Hyperliquid platform, has launched a request-for-quote (RFQ) system on mainnet. The system initially supports tokenized equities from xStocks, a framework by Payward for representing traditional stocks as digital tokens on a blockchain.

The RFQ system allows traders to request quotes for any supported xStock. Market makers then compete to provide the best bid, and the winning trade settles directly on the blockchain at any time and for any trade size.

How the RFQ system works

Traders can request quotes for xStocks, which are digital tokens backed 1:1 by publicly listed shares. Market makers submit competing bids, and the trade settles onchain without requiring a dedicated order book. Tokens that generate sufficient trading activity may later transition to their own HyperCore markets on Hyperliquid.

Tokenized equities market growth

xStocks, launched in June 2025, has processed over $40 billion in total volume across more than 200,000 holders, with nearly $20 billion settled onchain. The framework has expanded beyond U.S. equities to include markets in Europe and Asia. According to RWA.xyz, the total market for tokenized equities is currently valued at approximately $2.53 billion, with xStocks accounting for about $620.1 million, making it the third-largest issuer after Ondo and bStocks.

Payward recently announced plans to tokenize the 100 largest companies listed on the London Stock Exchange, with the first tokens expected in the coming weeks, subject to regulatory approval.

Why this matters

The RFQ system addresses a gap in the market by providing a trading mechanism for tokenized stocks that lack dedicated order books. This allows for more flexible and efficient trading of digital assets backed by traditional equities.

Sources

• The Block