Silhouette opens RFQ trading for xStocks on Hyperliquid

The design gives supported xStocks a trading path even when an individual token lacks enough activity for its own continuous order book. Silhouette says assets that establish sufficient flow may later graduate to dedicated HyperCore markets.

Execution access is not shareholder ownership

xStocks are designed to track referenced shares but do not give holders direct ownership, voting rights or an automatic claim on dividends. They are not offered in the United States, and their trading price can diverge from the underlying security when traditional markets are closed or onchain liquidity is thin.

The launch establishes a new execution venue, not evidence that quoted depth will remain available at every size. Fill quality, market-maker participation, spreads and settlement performance are the next observable tests.