TheBlock
Silhouette launched its request-for-quote trading system on Hyperliquid mainnet on Tuesday, with initial support for xStocks, Payward's tokenized equity framework. Traders can request quotes on any supported xStock and receive competing bids from onboarded market makers, with the winning trade settling onchain at any hour and at size. Tokens that generate enough trading activity can later graduate to their own HyperCore markets, the company said.
Why it matters
Tokenized equities have outpaced their trading infrastructure. Roughly $2.53 billion in tokenized equities sit onchain today, per RWA.xyz, with xStocks alone processing more than $40 billion in cumulative volume across more than 200,000 holders since its June 2025 launch; nearly $20 billion of that has settled onchain. As founder Chandler De Kock put it, "tokenized stocks keep arriving onchain, and most of them have nowhere to trade." The launch gives issuers a venue that bypasses the order-book problem, since market makers compete quote-by-quote, and reserves a track for proven tokens to graduate to dedicated HyperCore markets.
Market impact
The structural read is that tokenized equity issuers now have a venue that scales with them. xStocks ranks third among tokenized equity issuers at roughly $620.1 million, behind Ondo ($856.3M) and bStocks ($621.5M). Earlier on Tuesday, Payward said it would tokenize the 100 largest companies on the London Stock Exchange, with the first London-listed xStocks expected in the coming weeks. Together, those listings land on a venue that just got a working trading rail.
Frequently asked questions
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What is Silhouette's RFQ system on Hyperliquid?
Silhouette's RFQ is a request-for-quote trading layer that launched on Hyperliquid mainnet with initial support for xStocks, Payward's tokenized equity framework. Traders request quotes on a supported xStock, onboarded market makers submit competing bids, and the winning trade settles onchain at any hour and at size.
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How does an RFQ model differ from a traditional order book?
A traditional order book continuously matches resting bids and offers, while an RFQ system solicits competing quotes from market makers for each individual trade. Silhouette says this lets supported xStocks trade without dedicated order books, with the winning quote settling onchain.
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What are tokenized equities and how big is the market?
Tokenized equities are blockchain-based tokens representing publicly listed shares, typically backed 1:1 by the underlying security. RWA.xyz data cited by The Block puts the total tokenized equity market at roughly $2.53 billion, with xStocks ($620.1M), Ondo ($856.3M) and bStocks ($621.5M) as the three largest issuers.
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Can tokens graduate from RFQ to dedicated markets?
Yes. Silhouette said tokens that generate enough trading activity through the RFQ system can later move to their own HyperCore markets on Hyperliquid. Founder Chandler De Kock said assets that "prove real flow" graduate to dedicated markets.
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What new listings are coming to xStocks?
Payward announced earlier on Tuesday that 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. xStocks already covers US, European, and Asian equity markets.
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