Silhouette Brings RFQ Trading to Hyperliquid with xStocks Support

Silhouette has launched its Request-For-Quote (RFQ) system on Hyperliquid mainnet, allowing traders to request competing market-maker quotes and settle winning trades on-chain. This system supports xStocks equities, which have processed over $40 billion in volume across more than 200,000 holders, with nearly $20 billion already settled directly on-chain.

xStocks issues tokens backed one-to-one by publicly listed shares and has expanded beyond U.S. equities into markets across the United States, Europe, and Asia. Silhouette's RFQ model lets tokenized equities trade without dedicated order books, allowing assets to trade before they develop permanent market depth.

Assets that generate sufficient activity can later graduate into their own HyperCore markets, creating a path from quoted liquidity to deeper exchange-style trading. Chandler De Kock, founder of Silhouette, said market makers compete for every trade, and settlement occurs on-chain.