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Silhouette launches RFQ trading for xStocks on Hyperliquid mainnet
The RFQ system routes trades through competing market makers and settles the winning order onchain, with xStocks backing exceeding $40 billion in total volume since launch.
Silhouette has rolled out request-for-quote trading for xStocks on Hyperliquid mainnet, positioning the exchange as a block trading layer where traders can source liquidity via competing market makers, according to The Block.
Under the RFQ setup, traders can request quotes for supported xStocks, receive bids from onboarded market makers, and have the winning trade settled onchain at any hour and at size. The system is designed to let supported tokenized equities trade without dedicated order books initially, with tokens that build enough activity later moving to their own HyperCore markets, Silhouette said.
The new integration starts with tokenized equities from xStocks and Payward's tokenized equity framework. The article notes that xStocks launched in June 2025 and has processed more than $40 billion in total volume across more than 200,000 holders, with nearly $20 billion of that volume settled onchain.
The Block also cites data showing about $2.53 billion worth of tokenized equities in existence, with Payward’s xStocks accounting for about $620.1 million, making it the third-largest issuer behind Ondo and bStocks. It adds that Payward earlier said it would 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.