According to The Block, Hyperliquid’s大宗交易 layer Silhouette officially launched its request-for-quote (RFQ) system on mainnet on Tuesday, initially supporting Payward’s tokenized equities framework, xStocks. Traders can request quotes from integrated market makers, who then submit bids; the winning quote settles on-chain, enabling round-the-clock, large-volume trades without requiring a dedicated order book. Tokens meeting specified trading volume thresholds may later be upgraded to standalone HyperCore markets. Since its launch in June 2025, xStocks has processed over $40 billion in trading volume, with approximately $20 billion settled on-chain, serving over 200,000 holders and currently holding a market cap of around $620 million, making it the third-largest tokenized equities issuer globally.
Silhouette Launches RFQ Trading System on Hyperliquid Mainnet, Initially Supporting xStocks Tokenized Stocks
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Summary
Silhouette, Hyperliquid’s institutional trading layer, has launched an RFQ system on mainnet, initially supporting xStocks tokenized stocks. Traders can request quotes from market makers, with winning bids settled on-chain. This enables large-volume, 24/7 trading without order books. xStocks has seen over $40 billion in trading volume since June 2025, with $20 billion settled on-chain. The tokenized stock platform has 200,000 holders and a $620 million market cap, ranking third globally. Increased trading activity is expected as more assets meet volume thresholds for HyperCore upgrades.
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