Silhouette and xStocks launch RFQ trading for tokenized equities on Hyperliquid
Silhouette, a universal block trading layer for the Hyperliquid blockchain, has officially launched its Request for Quote (RFQ) system on mainnet. This new infrastructure aims to solve the liquidity fragmentation problem for tokenized equities by providing an execution venue for assets that lack established order books. The platform debuts with xStocks, a tokenized equity framework by Payward, allowing traders to request quotes and settle trades onchain at any time. By enabling competing market makers to provide quotes, Silhouette facilitates a more efficient transition for assets from initial issuance to full-scale order book trading on HyperCore. This development is significant for the RWA market as it addresses the critical need for institutional-grade trading tools that prevent front-running and slippage. By separating trader identity and order details from execution, the system provides a professional environment for trading tokenized stocks across US, European, and Asian markets. Ultimately, this integration creates a pipeline where demand is discovered via RFQ and then migrated to deeper liquidity pools, signaling a maturation of onchain equity trading.
- Silhouette launched its RFQ system on Hyperliquid to provide liquidity for tokenized equities.
- The platform integrates with xStocks, a framework for 1:1-backed tokenized global equities.
- The RFQ system allows institutional-grade trading without impacting public order books.
- xStocks has processed billions in transaction volume across multiple blockchain ecosystems since June 2025.
xStocks is a tokenized equity framework powered by Payward that brings publicly listed stocks onto blockchain rails via 1:1-backed tokens. It is designed to provide global access to traditional assets with 24/7 settlement capabilities and interoperability across various wallets and decentralized finance applications. Silhouette serves as a specialized block trading layer for the Hyperliquid network, focusing on private execution to protect institutional traders from market impact.