Tokenized Equities are moving to RFQ exchanges. - Concentrated liquidity dominated early trading. - PropAMMs had a moment, reaching 50% of volume. - Now, RFQs account for the majority of volume (75%). This is due to a few reasons: 1. Equities are still priced by the underlying stock market, not by onchain-native price discovery. RFQs connect directly to that offchain liquidity more efficiently. 2. RFQ makers can hedge each trade immediately in the real stock. 3. It avoids pre-funding dozens or hundreds of thin pools (a PropAMM needs inventory and pricing infrastructure for every stock–USDC pair). 4. The new distribution channels appear to favor RFQ (xStocks, Titan, etc. ). This is not necessarily evidence that RFQ is universally better than PropAMMs. Rather, that RFQ currently fits the tokenized-equity issuance model better.