Silhouette, described as the universal block trading layer for Hyperliquid, announced on September 1, 2026, that its request-for-quote (RFQ) system is live on Hyperliquid mainnet. The launch begins with tokenized equities from xStocks, Payward’s tokenized equity framework. Traders can request a quote on any supported xStock, receive competing quotes from onboarded market makers, and settle winning trades onchain at any hour and at size.
According to Silhouette founder Chandler De Kock, the RFQ system acts as a demand layer, allowing market makers to compete for each trade while settlement remains onchain. Assets that demonstrate real flow can later graduate to their own HyperCore order book markets. Val Gui, General Manager at xStocks, said the venue treats tokenized equities like real assets and signals readiness to trade like the rest of finance.
The launch addresses the problem of thin order books for newly tokenized assets. Silhouette’s data highlights xStocks’ scale since its June 2025 launch: more than $40 billion in total volume, over 200,000 holders, and nearly $20 billion settled directly onchain. Within the tokenized-equity market, xStocks accounts for roughly $620.1 million in assets outstanding, compared with Ondo at about $856.3 million and bStocks at about $621.5 million. Payward also plans to tokenize the 100 largest London Stock Exchange companies, with first London-listed xStocks expected in coming weeks pending regulatory approval.
Silhouette is backed by Polychain Capital and RockawayX. The RFQ integration with xStocks gives Hyperliquid a broader path for tokenized equities, potentially improving onchain liquidity and usage for the HYPE ecosystem.
