Tokenization · The Block
Silhouette rolls out RFQ trading for xStocks on Hyperliquid
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Silhouette, the block trading layer for Hyperliquid, launched its request-for-quote system on mainnet on Tuesday, with initial support for tokenized equities from xStocks, Payward's tokenized equity framework.
Key facts
- XStocks, Payward's tokenized equity framework, launched in June 2025 and has processed more than $40 billion in total volume across more than 200,000 holders, according to the company
- There is about $2.53 billion worth of tokenized equities in existence, according to RWA.xyz data
- The platform issues 1:1-backed tokens representing publicly listed shares and has expanded beyond U.S. equities into markets across the U.S., Europe, and Asia
- Earlier on Tuesday, Payward said it would tokenize the 100 largest companies listed on the London Stock Exchange, with the first London-listed xStocks expected in the coming weeks, subject
Summary
Shared with The Block, Silhouette said the RFQ system lets traders request quotes on any supported xStock and receive competing bids from onboarded market makers. The RFQ system allows supported xStocks to trade without dedicated order books. "Tokenized stocks keep arriving onchain, and most of them have nowhere to trade," Silhouette founder Chandler De Kock said. XStocks, Payward's tokenized equity framework, launched in June 2025 and has processed more than $40 billion in total volume across more than 200,000 holders, according to the company.