Silhouette launches RFQ trading for tokenized equities (xStocks) on Hyperliquid, enabling competitive market-maker pricing for onchain equity settlements.
DeFi & Yields ·
Silhouette has launched RFQ trading for xStocks on Hyperliquid, enabling tokenized equity trades to be settled onchain. The request-for-quote model allows market makers to compete directly for individual orders, creating a competitive pricing environment for equity positions represented as blockchain-native tokens.
The RFQ mechanism differs from traditional order-book models by letting multiple liquidity providers submit competing bids or offers for a single trade inquiry. This approach is designed to improve execution quality for onchain equity settlements, where traditional market-making infrastructure has been limited. By integrating with Hyperliquid's infrastructure, Silhouette connects tokenized equity trading to a platform already active in decentralized derivatives.
Key details remain unclear, including the initial roster of xStocks available for RFQ trading, minimum order sizes, market-maker participation rates, and settlement timelines. The competitive dynamics between onchain equity protocols and whether this model attracts institutional market-making participation remain to be seen.