Silhouette has gone live with a request-for-quote trading system on Hyperliquid mainnet. The first assets supported are tokenized equities from xStocks, Payward’s tokenized stock framework. Traders can ask for prices on supported xStocks, receive competing quotes from approved market makers, and settle the winning trade onchain at any hour and at size.
A Different Way to Launch Liquidity
The important shift here is that tokenized equities no longer need dedicated order books from day one. For newly listed shares, that is often the hardest obstacle: not enough bids and asks to make continuous trading work. RFQ solves this by treating liquidity as something you request rather than something that has to exist in advance. Market makers compete for every trade, and the settlement happens onchain.
Founder Chandler De Kock said market makers compete for each trade, settlement occurs onchain, and assets that prove real flow can eventually move into dedicated HyperCore markets. That gives the system a path from early-stage quoted execution to deeper exchange-style trading. It’s not a guarantee. It’s a possible route.
What xStocks Brings to the Table
xStocks already has some scale. Payward launched the tokenized equity framework in June 2025, and it has processed more than $40 billion in total volume across over 200,000 holders. Nearly $20 billion of that was settled onchain. The tokens are backed one-to-one by publicly listed shares. The system has also expanded beyond U.S. equities into markets across the United States, Europe and Asia.
That wider footprint matters for Silhouette because RFQ only works if there are assets worth quoting. A tokenized equity framework with existing users, trading history and blockchain settlement activity gives the new system a much stronger starting point.
The overall tokenized equity market is still small compared with traditional markets, with around $2.53 billion in assets outstanding. xStocks accounts for roughly $620.1 million. That puts it behind Ondo at about $856.3 million and narrowly behind bStocks at $621.5 million. So the market is young, and the ranking could shift quickly.
What Comes Next
The bigger question is whether RFQ execution can help tokenized shares get past fragmented liquidity and graduate into deeper onchain markets. Silhouette seems to be betting that it can, especially if more assets are added over time.
Payward also plans to tokenize the 100 largest companies on the London Stock Exchange. The first London-listed xStocks are expected in the next few weeks, subject to regulatory approval. If that happens, Silhouette would have more assets to support through its RFQ model, and the experiment gets a wider test.
For now, the launch gives Hyperliquid a way to trade tokenized equities without waiting for full order books to form. Whether that turns into lasting market depth is still unclear. But the infrastructure now exists for assets to move from quoted liquidity into their own HyperCore markets, which is more than most tokenized equity projects can claim.
