Silhouette Introduces RFQ Trading for Tokenized xStocks on Hyperliquid

Silhouette has rolled out a request‑for‑quote (RFQ) trading mechanism for its tokenized equity offering, xStocks, on the Hyperliquid exchange. The new feature allows market makers to submit competing quotes for trades that settle directly on the blockchain.

How the RFQ Model Works

Under the RFQ system, traders request price quotes for specific xStock quantities. Market makers respond with their best prices, and the trader selects the most favorable offer. This competitive process aims to improve pricing efficiency for tokenized equities.

On‑Chain Settlement

All xStock trades executed via the RFQ model are settled on‑chain, leveraging blockchain transparency and finality. The on‑chain settlement reduces reliance on traditional clearing mechanisms.

Implications for Market Participants

• Market makers gain a direct avenue to provide liquidity for tokenized equities.
• Traders benefit from potentially tighter spreads due to competition among makers.
• The on‑chain settlement model enhances auditability and reduces settlement risk.