Silhouette Launches RFQ Trading System for xStocks on Hyperliquid Mainnet

Silhouette launched its request-for-quote trading system on Hyperliquid’s blockchain trading layer on Tuesday, initially supporting tokenized stocks from Payward’s xStocks framework. According to ChainCatcher, the system lets traders request quotes for any supported xStock and receive competitive bids from connected market makers, with winning trades settled on-chain at any time and in any size. The RFQ system allows supported xStocks to trade without a dedicated order book, and tokens that generate sufficient activity may later be upgraded to standalone HyperCore markets. Silhouette founder Chandler De Kock said tokenized stocks continue to move on-chain but often lack trading venues, and that assets with real liquidity will be upgraded to their own HyperCore markets. xStocks launched in June 2025 and has reportedly processed more than $40 billion in total trading volume across over 200,000 holders, with nearly $20 billion settled on-chain. The platform issues 1:1-backed tokens tied to publicly listed stocks and has expanded from U.S. equities into European and Asian markets. RWA.xyz data shows about $2.53 billion in outstanding tokenized stocks, with xStocks accounting for about $620.1 million, making it the third-largest issuer behind Ondo and bStocks.