Silhouette has launched its request-for-quote (RFQ) system on Hyperliquid mainnet, initially supporting tokenized equities from xStocks, Payward’s tokenized equity framework. Traders can request quotes for any supported xStock, with market makers competing to fill orders that settle onchain without time or single-trade size limits, enabling trading without a standalone order book. Tokens that build sufficient activity may later migrate to independent HyperCore markets. Since launching in June 2025, xStocks has served more than 200,000 holders and recorded over $40 billion in cumulative volume, including nearly $20 billion settled onchain. The platform accounts for about $620 million of the roughly $2.53 billion tokenized equities market, making it the third-largest issuer. The launch positions Silhouette’s RFQ layer as a complement to Hyperliquid’s order-book infrastructure as tokenized equities scale.