Silhouette Launches xStocks RFQ Trading on Hyperliquid

Silhouette is bringing the request-for-quote model widely used in traditional markets to tokenized U.S. equities on Hyperliquid. The service targets xStocks and allows traders to solicit competing prices from market makers instead of relying solely on a public order book. RFQ execution can be particularly useful for larger orders, where price competition and reduced market impact are critical to attracting institutional liquidity.

Silhouette has launched the xStocks RFQ service on Hyperliquid, enabling market makers to compete in real time for tokenized equity trades before transactions settle directly onchain. The available report did not disclose a launch date, the number of supported stocks, trading volumes or fee terms. Adoption will depend on the depth and consistency of market-maker quotes as well as demand for tokenized equity exposure.