Silhouette, Hyperliquid's block trading layer, went live on mainnet Tuesday with an RFQ trading system initially supporting tokenized stocks from Payward's xStocks framework. Traders can request quotes on any supported xStock and receive competitive bids from connected market makers, with winning trades settling on-chain at any time and in any size. The RFQ model lets xStocks trade without dedicated order books; assets with sufficient activity can later be upgraded to independent HyperCore markets. Founder Chandler De Kock says most tokenized stocks lack proper venues, and competitive market-making plus on-chain settlement will let assets with real liquidity graduate. xStocks launched in June 2025, claiming more than $40 billion in total volume, over 200,000 holders and nearly $20 billion settled on-chain. The platform issues 1:1-backed tokens for listed equities and has expanded from US stocks to European and Asian markets. RWA.xyz data puts current tokenized stock supply at roughly $2.53 billion, with xStocks at about $620.1 million, ranking third behind Ondo ($856.3 million) and bStocks ($621.5 million).
Silhouette, Hyperliquid's block trading layer, launched its request-for-quote (RFQ) system on mainnet Tuesday, with initial support for tokenized stocks issued under Payward's xStocks framework.
Competitive quotes, on-chain settlement
Silhouette says the system lets traders submit quote requests for any supported xStock and receive competitive pricing from connected market makers. Winning trades can settle on-chain at any time and in any size.
The RFQ setup means supported xStocks don't need a dedicated order book to trade. Tokens that generate enough activity can later be upgraded to a standalone HyperCore market.
Founder Chandler De Kock put it this way: “Tokenized stocks keep coming on-chain but most lack proper venues. With market makers competing for each trade and settlement completed on-chain, assets that show real liquidity will graduate to their own HyperCore market.”
Volume and market position
Launched in June 2025, xStocks claims more than $40 billion in total volume handled, with over 200,000 holders and nearly $20 billion settled on-chain. The platform issues 1:1-backed tokens for publicly listed equities and has expanded from US stocks to European and Asian markets.
RWA.xyz data puts the current tokenized stock supply at around $2.53 billion. xStocks represents about $620.1 million of that, making it the third-largest issuer, behind Ondo (roughly $856.3 million) and bStocks (about $621.5 million).
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
