Silhouette debuts RFQ trading for xStocks on Hyperliquid

Silhouette, the block trading layer for Hyperliquid, launched its request-for-quote system on mainnet on Tuesday, with initial support for tokenized equities from xStocks, Payward's tokenized equity framework.

In a statement shared with The Block, Silhouette said the RFQ system lets traders request quotes on any supported xStock and receive competing bids from onboarded market makers. The winning trade settles onchain at any hour and at size.

The RFQ system allows supported xStocks to trade without dedicated order books. Tokens that generate enough trading activity can later move to their own HyperCore markets, Silhouette said.

"Tokenized stocks keep arriving onchain, and most of them have nowhere to trade," Silhouette founder Chandler De Kock said. "Market makers compete for every trade, settlement is onchain, and the assets that prove real flow graduate to their own HyperCore markets."

xStocks, Payward's tokenized equity framework, launched in June 2025 and has processed more than $40 billion in total volume across more than 200,000 holders, according to the company. Nearly $20 billion of that volume has been settled onchain.

The platform issues 1:1-backed tokens representing publicly listed shares and has expanded beyond U.S. equities into markets across the U.S., Europe, and Asia.

There is about $2.53 billion worth of tokenized equities in existence, according to RWA.xyz data. Payward's xStocks accounts for about $620.1 million of that market, making it the third-largest issuer behind Ondo and bStocks, which have about $856.3 million and $621.5 million, respectively. 

Earlier on Tuesday, Payward 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.