Silhouette launches RFQ trading for xStocks on Hyperliquid

Silhouette launched its request-for-quote system for xStocks on Hyperliquid mainnet on Tuesday. The system lets traders request quotes for supported xStocks. Onboarded market makers provide competing bids. The winning trade settles onchain at any hour and at size. Supported xStocks can trade without dedicated order books. Silhouette said tokens with enough trading activity can later move to their own HyperCore markets. Silhouette founder Chandler De Kock said tokenized stocks often have nowhere to trade. xStocks launched in June 2025. xStocks has processed more than $40 billion in total volume, according to Payward. More than 200,000 holders own xStocks. Nearly $20 billion of the volume has been settled onchain. The platform issues 1:1-backed tokens representing publicly listed shares. The platform covers equities in the U.S., Europe, and Asia. About $2.53 billion worth of tokenized equities exists, according to RWA.xyz data. Payward's xStocks accounts for about $620.1 million of that market. xStocks is the third-largest issuer behind Ondo and bStocks. Ondo has about $856.3 million. bStocks has about $621.5 million. Payward said on Tuesday that it would 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.