Zug, Switzerland - September 1st, 2026
Silhouette has moved its request-for-quote (RFQ) protocol onto Hyperliquid mainnet, debuting with tokenized equities issued through xStocks, Payward’s framework for 1:1-backed digital representations of publicly listed securities. The live RFQ system gives every supported xStock an execution path from the moment it is listed, including those that do not yet have native order books.
Under the new workflow, traders may submit a quote request for any xStock supported by the platform. Onboarded market makers respond with competing quotes, and the trader selects a winning bid that is executed and settled onchain. The setup is designed to operate at any hour and at institutional sizes, allowing market participants to transact outside traditional desk hours.
Silhouette founder Chandler De Kock described the product as a demand layer that converts broker-level demand into a format trading firms recognize and will price. "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," De Kock said.
The company positions RFQ as a bridge between initial token issuance and the establishment of conventional order books. An order book presupposes demonstrable demand - when that demand is absent, books may remain thin and risk becoming inactive. Silhouette aims to lower the cost and tooling barriers for trading firms so that demand present in traditional brokers can be transferred to tokenized versions onchain.
According to Silhouette, the RFQ layer discovers and aggregates demand for tokenized assets. Assets that generate consistent trading interest can then be migrated into HyperCore order books on Hyperliquid, creating a single pipeline: Silhouette finds liquidity; HyperCore hosts the order-driven markets for the tokens that demonstrate sustained activity.
Val Gui, General Manager at xStocks, framed the RFQ as a venue that treats tokenized equities like mainstream financial instruments rather than experiments. "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," Gui said.
The launch comes as tokenized equities gain wider traction across the industry, with issuers focusing on the most active onchain markets. On Hyperliquid, Silhouette and HyperCore are presented as complementary layers: one for detecting and aggregating demand, the other for hosting order book-based markets once demand is proven.
Silhouette describes itself as a universal block trading layer for Hyperliquid that separates trader identity, trade size and direction from execution to reduce common execution issues such as front-running, fading or copying of public transactions. The company says the added layer enables institutions to trade without moving the underlying book, and that this leads to improved pricing and cleaner execution for large market participants and teams that shape markets. Silhouette lists backing from Polychain Capital and RockawayX and operates at silhouette.exchange.
xStocks is presented in Silhouette's materials as an industry benchmark for tokenized real-world assets, issuing fully collateralized, 1:1-backed tokens that represent publicly listed equities and other assets. Powered by Payward’s digital asset infrastructure, xStocks is described as extending the availability and reach of traditional assets by placing them on blockchain rails and enabling digital-native settlement.
The xStocks framework initially focused on tokenized U.S. equities and has expanded to cover markets across the U.S., Europe and Asia. Designed for interoperability, xStocks tokens are intended to move between centralized exchanges, self-custodied wallets and onchain applications to support use cases in trading, collateralization and decentralized finance. Since its launch in June 2025, xStocks has reportedly grown to facilitate billions of dollars in transaction volume across multiple blockchain ecosystems.
Contact
Leila Stein - Silhouette
[email protected]