Silhouette Launches Hyperliquid RFQ Trading System, Initially Supporting xStocks Tokenized Stocks

September 1st, Hyperliquid's institutional trading layer Silhouette announced the launch of the RFQ (Request for Quote) trading system on the mainnet, with the first batch supporting Payward's tokenized stock framework xStocks.

Traders can request quotes for the supported xStocks and receive competitive quotes from multiple market makers. The final executed trades will settle directly on-chain, supporting 24/7 trading and large orders. This model eliminates the need to create order books for each tokenized stock individually. Once trading activity reaches a certain level, the related assets can also enter Hyperliquid's HyperCore market.

Data shows that since its launch in June 2025, xStocks has accumulated a total trading volume of over $40 billion, with over 200,000 holders, out of which nearly $20 billion in trading volume has settled on-chain. Currently, the global market size of tokenized stocks is approximately $2.53 billion, with xStocks having a market capitalization of around $620 million, ranking third.

In addition, Payward announced today that it will tokenize the top 100 companies by market capitalization on the London Stock Exchange. The first batch of London-listed xStocks is expected to be launched in the coming weeks, pending regulatory approval.