Silhouette Launches RFQ System to Support On-Chain Trading of xStocks

The Hyperliquid bulk trading layer Silhouette has launched an RFQ (Request for Quote) system on the mainnet, initially supporting Payward's tokenized equities framework, xStocks. This system allows traders to request quotes for any supported xStock, with market makers competing to provide prices. The final executed orders are settled on-chain without restrictions on time or individual trade size. Through the RFQ mechanism, xStocks can facilitate trades without the need for a separate order book, and tokens with sufficient trading activity can later migrate to an independent HyperCore market. Since its launch in June 2025, xStocks has served over 200,000 holders, with a cumulative trading volume exceeding $40 billion, of which nearly $20 billion has been settled on-chain. Currently, it accounts for approximately $620 million in a tokenized equities market valued at around $2.53 billion, making it the third-largest issuer.

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