Silhouette, Hyperliquid’s block trading layer, has launched an RFQ system on mainnet with initial support for Payward’s tokenized equities framework xStocks. The system lets traders request quotes for any supported xStock, with market makers competing to fill orders that settle on-chain without time or single-trade size limits. The RFQ model enables xStocks trading without requiring a standalone order book. Tokens with sufficient trading 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 on-chain. The platform currently accounts for about $620 million of the roughly $2.53 billion tokenized equities market, making it the third-largest issuer.