Silhouette said on September 1 that its request-for-quote, or RFQ, system had gone live on Hyperliquid mainnet, initially supporting xStocks tokenized equities. The launch gives traders a way to solicit competing prices from market makers and settle the selected trade onchain, creating a new liquidity route for tokenized stocks beyond Hyperliquid’s existing spot order books.
xStocks is Payward’s tokenized-equity framework. The RFQ rollout matters because supported assets can be made tradable through market-maker quotes before they have a dedicated market on HyperCore, Hyperliquid’s trading layer.
Silhouette opens RFQ trading for xStocks on Hyperliquid
Silhouette said in its September 1 announcement that the RFQ system was live on Hyperliquid mainnet, with xStocks as its initial tokenized-equity offering.
A trader requests a quote for a supported xStocks token, after which onboarded market makers can submit competing bids. The winning trade settles onchain, and the workflow is designed to handle trades of varying size at any hour, according to The Block.
That arrangement allows supported xStocks to trade without a dedicated, continuously visible order book for each asset and makes market-maker bids central to price formation. The initial rollout remains limited to xStocks rather than all tokenized-equity products; neither the announcement nor subsequent reporting specified the number or individual identities of the xStocks available through the RFQ system.
RFQ creates a route to HyperCore markets without an order book
Supported xStocks can trade through Silhouette’s RFQ system without first sustaining dedicated order books. The Block reported that assets generating sufficient activity may later graduate to individual HyperCore markets, creating a potential path from market-maker quoting and subsequent trading activity to a native market.
The available reporting does not specify the activity threshold or identify who decides whether an asset receives a native market. RFQ therefore allows a supported xStock to trade without immediately launching a separate native spot market.
That model supplements, rather than replaces, the five xStocks pairs that launched as native HyperCore spot markets on August 10. Payward said the initial USDC-quoted lineup was NVDAx, SPYx, QQQx, SKHYx and MUx, representing US stocks and exchange-traded funds.
Whether more assets move from RFQ trading to native HyperCore status will depend on post-launch trading activity.
Official xStocks and Hyperliquid launch graphic for native tokenized-equity markets on HyperCore. — Source: Payward
xStocks brings scale to the onchain liquidity test
The rollout arrives with xStocks already carrying material reported transaction activity. Payward said the product had generated nearly $40 billion in transaction volume since its June 2025 launch. The Block later reported more than $40 billion in volume, more than 200,000 holders and nearly $20 billion settled onchain.
Those figures provide context for the market-maker quoting model now being deployed on Hyperliquid, though they describe xStocks activity more broadly rather than RFQ volume on the platform. No post-launch trading figures for Silhouette’s Hyperliquid system were included in the available reports.
The Block, citing RWA.xyz data, put the wider tokenized-equity market at about $2.53 billion and valued xStocks at approximately $620.1 million. The figures position xStocks as a substantial component of the sector measured by that dataset, while the RFQ launch adds a new onchain trading path for its supported assets on Hyperliquid.
