Silhouette said on September 1 that its request-for-quote system had launched on Hyperliquid mainnet for xStocks tokenized equities, adding a quote-based route to the native spot markets Hyperliquid began offering for an initial group of xStocks in August.
Traders request quotes from onboarded market makers, which compete with bids before the winning transaction settles onchain. The service is presented as available at any hour and for any trade size, according to The Block.
Silhouette activates RFQ trading for xStocks
The mainnet deployment gives traders a way to solicit prices rather than relying solely on an asset having its own continuously operating market. In an RFQ flow, the relevant price is supplied in response to a trader's request, and multiple market makers can compete to provide that quote.
That distinction matters for tokenized equities because the model can make trading available without requiring every supported instrument to start with a dedicated market. Silhouette's September 1 announcement described the launch as an RFQ system for xStocks on Hyperliquid mainnet.
The available reporting does not specify the number of market makers onboarded, the xStocks covered by the RFQ service, or the terms on which individual quotes are produced. It does establish the basic sequence: request, competing bids and onchain settlement.
RFQs and HyperCore markets
Silhouette says xStocks supported through its RFQ system can trade without dedicated order books.
The company says assets generating sufficient activity could graduate to their own HyperCore markets, creating a path from quote-based trading to standalone markets on Hyperliquid.
Market makers provide competing quotes for each request, which traders can compare, and the selected transaction is settled onchain.
Official xStocks visual for its Hyperliquid launch and native tokenized-equity markets. — Source: xStocks
Five initial xStocks HyperCore markets
The RFQ launch follows xStocks' August 10 deployment on Hyperliquid, whose initial rollout included five native HyperCore spot markets: NVDAx, SPYx, QQQx, SKHYx and MUx, according to an xStocks announcement.
Silhouette says supported xStocks can trade through its RFQ system without dedicated order books, while assets generating sufficient activity may later move to their own HyperCore markets. The supplied launch material does not specify which assets may be next, a timetable or a trading-volume target; it identifies activity as the threshold for potential market creation.
xStocks volume and holder base
The rollout arrives against a sizeable reported base for xStocks. The Block reported that xStocks had processed more than $40 billion in total volume across more than 200,000 holders, with nearly $20 billion of that volume settled onchain.
Those figures cover xStocks broadly rather than providing a measure of activity specifically on Hyperliquid or through Silhouette's newly launched RFQ system. Still, they provide context for the potential demand that a market-maker quote model is intended to serve as tokenized-equity trading expands beyond the first five native HyperCore spot markets.
Whether individual assets build enough activity to obtain their own HyperCore markets will be the next practical test of the structure Silhouette has outlined.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: Crypto Daily