Silhouette and xStocks Launch RFQ Trading for Tokenized Equities on Hyperliquid
Zug, Switzerland, September 1st, 2026, Chainwire
Through Silhouette’s RFQ, every supported xStock gets an execution venue from day one, even those without their own order books.
Silhouette, the universal block trading layer for Hyperliquid, today announced that its RFQ system is live on mainnet, launching with tokenized equities from xStocks – Payward’s tokenized equity framework – opening new opportunities for the asset class through its demand layer.
Now, traders request a quote on any supported xStock, receive competing quotes from onboarded market makers, and settle the winning trade onchain, at any hour and at size.
“Tokenized stocks keep arriving onchain, and most of them have nowhere to trade. Silhouette’s RFQ is the demand layer: market makers compete for every trade, settlement is onchain, and the assets that prove real flow graduate to their own HyperCore markets. Launching with xStocks means starting with the issuer that brought this asset class to Hyperliquid,” said Chandler De Kock, Founder of Silhouette.
An order book is how an asset with proven demand trades. When launched before that proof exists, books sit thin and risk becoming dead markets, and the promised growth of the asset class stalls with them.
Demand for a traditional asset at a broker does not automatically carry over to its tokenized version onchain; converting it takes tooling and a cost structure trading firms recognise. Silhouette’s RFQ does that conversion cheaply, asset by asset.
The launch comes as tokenized equities accelerate across the industry, with issuers converging on the most active onchain markets. On Hyperliquid, the two layers now work as one pipeline: Silhouette discovers demand, and HyperCore’s order books host the assets that prove it.
“Access to real markets shouldn’t stop when a broker’s desk closes for the night. Every tokenized equity we’ve brought onchain has been waiting for a venue that treats it like a real asset, not an experiment. Silhouette’s RFQ is that venue, and it’s the clearest signal yet that this asset class is ready to trade the way the rest of finance already does.” said Val Gui, General Manager at xStocks.
About Silhouette
Silhouette is the universal block trading layer for Hyperliquid. It separates trader identity, size and direction from execution to ensure traders can avoid the common problems of front-running, fading or copying public transactions. By adding this layer, Silhouette enables institutions to trade without moving the book. The result is better pricing and cleaner execution for the users and teams that move markets. Backed by Polychain Capital and RockawayX. silhouette.exchange
About xStocks
xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized US equities, xStocks now spans markets across the US, Europe and Asia.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.
For more information, visit https://xstocks.fi.