Silhouette has launched a request-for-quote trading system on Hyperliquid’s mainnet, initially covering tokenized equities issued through Payward’s xStocks framework. The venue gives traders a way to request prices from competing market makers and settle the chosen transaction onchain, without requiring each supported stock token to begin with a dedicated order book.
The launch creates a new route for xStocks liquidity on Hyperliquid as tokenized-equity issuers seek trading infrastructure that can handle a growing number of listed shares without fragmenting liquidity across dozens or hundreds of thin markets. Under Silhouette’s model, a trader submits an RFQ for a supported asset, approved market makers respond with executable prices, and the trader selects a quote for onchain settlement.
Silhouette said tokens that build sufficient trading activity through its RFQ system could later graduate to individual HyperCore markets, Hyperliquid’s order-book-based trading environment. That progression would give actively traded tokenized equities a path toward continuous price discovery, while less active assets could remain accessible through dealer quotes rather than relying on sparse order books.
RFQs offer an alternative to thin order books
The structure addresses a practical problem in tokenized equities: listing a large catalogue of shares does not automatically create deep two-sided trading. Traditional order books work best where buyers and sellers are regularly posting bids and offers. For less frequently traded names, visible liquidity can be limited and price gaps can widen.
An RFQ system concentrates liquidity provision among participating market makers. Rather than waiting for an order book to fill, a trader asks for a specific price and can compare competing responses. The approach is commonly used in traditional finance for instruments where liquidity is available but does not necessarily sit on a public central limit order book.
For tokenized stocks, that design could make it easier to offer a broad selection of assets before each one has accumulated regular trading volume. It also places greater weight on the quality and number of market makers connected to the platform, since they determine the prices available to users.
Silhouette’s choice to settle selected trades onchain keeps the transaction within Hyperliquid’s network environment after the quote is accepted. The arrangement combines off-order-book price formation with blockchain settlement, rather than treating tokenized equities as a conventional exchange listing from day one.
xStocks expands its distribution
The rollout arrives as xStocks continues to add markets and distribution channels. According to xStocks, the framework launched in June 2025 and has recorded more than $40 billion in total transaction volume across more than 200,000 holders. It said nearly $20 billion of that activity has settled onchain.
xStocks tokens are designed to represent publicly listed shares and are backed 1:1 under the framework’s stated structure. The product range has expanded from U.S. equities to listed companies connected to markets in the United States, Europe and Asia.
Payward said earlier Tuesday that it plans to tokenize the 100 largest companies listed on the London Stock Exchange. The first London-listed xStocks are expected in the coming weeks, subject to regulatory approval.
Adding London equities would give the framework a larger non-U.S. catalogue, though it would also increase the number of assets needing reliable liquidity and distribution. Silhouette’s RFQ launch provides one potential solution for bringing newer or lower-volume listings to market before they qualify for their own continuously traded HyperCore markets.
Tokenized equity market exceeds $2.5 billion
Tokenized equities remain small compared with the value of conventional listed markets, but the category has grown into a multibillion-dollar segment of the tokenized real-world asset market. RWA.xyz, a blockchain data platform, puts the value of tokenized equities outstanding at about $2.53 billion.
RWA.xyz data shows xStocks accounting for roughly $620.1 million of that amount. That places it third among tracked tokenized-equity platforms, behind Ondo at approximately $856.3 million and bStocks at about $621.5 million.
The close gap between xStocks and bStocks illustrates how competitive the sector has become. Issuers are competing not only on the number of stocks available, but also on custody structures, jurisdictions, settlement networks and access to trading liquidity. A tokenized share can be issued successfully yet remain difficult to trade if market makers do not quote it consistently or if activity is split across multiple venues.
Silhouette’s system targets that liquidity challenge directly. The initial focus on xStocks gives Hyperliquid exposure to a tokenized-equity framework that already has substantial reported volume and a sizeable outstanding supply, while allowing the network to test demand asset by asset rather than launching a full order book for every listed company.
Traders using RFQ venues will need to consider quoted prices, trade size and market-maker competition, particularly outside the underlying stock market’s usual trading hours. The system can provide access to a price, but the quality of that price will depend on the willingness of market makers to take risk in the underlying asset and hedge their exposure.
The launch therefore gives xStocks a new onchain trading channel while creating a staged market structure on Hyperliquid: quote-driven access for developing assets, followed by dedicated order books for tokens that attract sustained trading.
Curious about tokenized shares’ next leap? Explore what are tokenized equities to deepen your understanding of RFQ-powered onchain markets.
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