Silhouette Launches RFQ Trading for xStocks on Hyperliquid
Silhouette lets market makers bid against each other through RFQ, after which the trade is settled onchain. xStocks wants to bring tokenized stocks to Hyperliquid with more liquidity.
Key Takeaways
- Silhouette launched its RFQ system on mainnet for xStocks on Hyperliquid on Tuesday.
- Traders request quotes for tokenized stocks; multiple market makers bid, after which the winning trade is settled onchain.
- According to the company, xStocks processed more than $40 billion in volume, and the tokenized equities market grew to around $2.8 billion.
Silhouette launched its RFQ system on mainnet on Tuesday for xStocks on Hyperliquid. That lets traders request quotes for supported tokenized stocks, after which multiple market makers bid against each other and the winning trade is settled onchain, at any time of day and in larger sizes.
How Trading Works
Silhouette is Hyperliquid's block trading layer. According to the crypto company, supported xStocks can now trade without their own order books. That makes trading simpler for tokens that still do not have a deep market.
Chandler De Kock, founder of Silhouette, said tokenized stocks are showing up onchain more and more often, but they still often have few places to trade. In his words, market makers compete for every trade, while settlement happens onchain. Tokens that show enough trading activity can later move into their own HyperCore markets, according to Silhouette.
xStocks Keeps Growing
xStocks, the tokenized equity framework from Payward, launched in June 2025 and has now processed more than $40 billion (€34.5 billion) in volume, according to the company. Nearly $20 billion (€17.2 billion) of that has been settled onchain. The platform says it has more than 200,000 holders and offers 1:1-backed tokens that represent publicly listed stocks.
Meanwhile, the broader tokenized equities market has grown quickly. Total market value now stands at around $2.8 billion (€2.4 billion), about three times higher than at the start of the year. xStocks is one of the biggest issuers in that market and, according to recent market data, added $17.3 million (€14.9 million) to its market value in one week.
Why This Matters
For European crypto followers, this is especially relevant because tokenized stocks are increasingly becoming tradable through crypto infrastructure. That could widen access to publicly listed stocks, but the rollout still depends on liquidity and on approvals by market. Payward also said earlier on Tuesday that it wants to tokenize the 100 biggest companies on the London Stock Exchange, with the first London-listed xStocks coming in the next few weeks, subject to regulatory approval.
