Your stocks.Your credit line.
Deposit tokenized equities on Robinhood Chain, borrow USDG against them, and keep every dollar of market exposure. The position stays yours; only the liquidity moves.
Prices
Chainlink
Stablecoin
USDG / Paxos
Settlement
Robinhood
Bad debt
$0
4-asset equity basket
Collateral value
$0
Credit line
$0
Drawn / available
$41.8K / $32.1K
Health factor
2.07
55.5% effective LTV
SPYon
18% of basket
$24.4K
+0.43%
AAPLon
24% of basket
$32.2K
-1.12%
NVDAon
36% of basket
$48.0K
+2.64%
KOon
21% of basket
$28.5K
+0.18%
Total value locked
$0.00
USDG borrowed
$0.00
Supply APY
0.00%
Borrow APR
0.00%
Utilisation
0.0%
Bad debt
$0
Turn shares into dollars without giving up the shares.
Put your own number in below and the whole walkthrough recalculates — every figure comes from the same risk engine the contracts run.
You can borrow
$6,500
Cost if fully drawn
$23/mo
Shares you keep
15.57 SPY
Shares sold
None
In your wallet
15.57 SPYon
15.57 × $642.18 = $10,000
In the collateral vault
15.57 SPYon
still tracking SPY · still earning the multiplier
Withdrawable by you at any time, as long as you have no debt against it.
Find out what your portfolio can lend you.
Live risk-engine math — the same functions the contracts run. Move the sliders and watch the credit line, health factor and liquidation buffer recompute.
Your collateral basket
SPYon
LTV 65%S&P 500 ETF Token
QQQon
LTV 62%Nasdaq 100 ETF Token
AAPLon
LTV 55%Apple Stock Token
MSFTon
LTV 55%Microsoft Stock Token
NVDAon
LTV 40%NVIDIA Stock Token
TSLAon
LTV 40%Tesla Stock Token
KOon
LTV 58%Coca-Cola Stock Token
Your credit line
Market open · ×1.00 LTVBorrowable now
$60,205
Effective LTV
60.2%
+3.8pp diversified
Liq. buffer
−47.3%
basket drawdown
Borrow $36,123 vs. sell $36,123
Illustration only, not tax or investment advice. Negative expected returns flip the answer — leverage cuts both ways, and a falling basket both shrinks your credit line and moves you toward liquidation.
Not Aave with a stock ticker on it.
Equity collateral behaves differently from crypto collateral: it gaps on the open, it pays dividends, it splits, and it stops trading at 4pm. Five features exist because of that.
Stock Credit Line
Not a loan you re-apply for. Deposit once, get a revolving limit, and draw against it whenever — 500 USDG for a bill, 40,000 for a deal. Interest accrues only on the drawn balance.
Interest on $2,340 only · $12.52/mo
Portfolio Collateral
The risk engine prices the whole basket. Correlation-adjusted volatility beats the value-weighted average of its parts, and you get the difference back as borrowing power — up to 6 extra points of LTV.
Sum of the parts
54.1% LTV
Priced as a basket
58.6% LTV
σ falls from 27.6% to 23.1% once correlation is applied.
Smart Deleveraging
At health factor 1.10 the protocol sells the smallest slice that restores 1.35 — 0.30% swap fee instead of a 5–8% liquidator bonus.
Market-Hours Risk Mode
LTV tightens as the distance to the next print grows. Weekend gap risk gets the biggest haircut, and a stale feed freezes new borrows.
Open
×1.00
Pre
×0.94
After
×0.92
Closed
×0.88
Weekend
×0.82
Borrow Against Dividends
The oracle reads the multiplier-adjusted value, so a dividend-paying basket keeps compounding exposure while it backs your debt.
KOon multiplier
1.0000 → 1.0231 over 12 months
400 KOon posted as collateral is worth $29,154 today versus $28,496 at raw balance — and every cent of that counts toward your credit line.
The thesis, in five seconds
Selling is final.Borrowing isn't.
Every sale closes a position you spent years building, and hands the tax bill and the upside to someone else. A credit line against the same shares does neither — the basket keeps compounding while the cash goes to work.
A short list, deliberately.
Launch coverage is one ETF and a handful of mega-caps. Every asset carries its own LTV, liquidation threshold, liquidator bonus and oracle heartbeat — set by volatility and on-chain depth, not by what would look impressive on a landing page.
SPYon
Broad-market ETFS&P 500 ETF Token · $642.18
$26.86M / $57.80M cap
QQQon
Broad-market ETFNasdaq 100 ETF Token · $583.40
$14.08M / $35.00M cap
AAPLon
Mega-capApple Stock Token · $268.55
$17.16M / $37.60M cap
MSFTon
Mega-capMicrosoft Stock Token · $511.92
$14.57M / $35.83M cap
NVDAon
Volatile techNVIDIA Stock Token · $184.73
$34.60M / $46.18M cap
TSLAon
Volatile techTesla Stock Token · $412.06
$21.04M / $49.45M cap
KOon
Mega-capCoca-Cola Stock Token · $71.24
$3.20M / $14.25M cap
RIVNon
Small-capRivian Stock Token · $14.62
no cap allocated
These numbers are a starting design
Every LTV here must be re-derived from historical volatility, on-chain liquidity, oracle behaviour and stress simulation before mainnet. Treat the table as a shape, not a commitment.
Dividends keep accruing
Robinhood reflects dividends and splits through a token multiplier. Our oracle reads the multiplier-adjusted economic value, so collateral compounds while it backs a loan.
Small-caps stay off the list
Thin books plus 70%+ annualised volatility means a liquidation cannot clear without moving the price against the pool. Not supported, and not on the roadmap.
Two sides, one pool, one risk engine.
Lenders bring dollars. Holders bring equity. The risk engine sits between them and decides how much of one can be exchanged for the other — continuously, and with a bias toward the pool staying solvent.
Pool size
$48.92M
Utilisation
68.3%
Supply APY
2.45%
Reserve factor
15%
borrow 4.17% APR
We do not mint USDG. It is issued by Paxos, pegged 1:1 to the dollar and backed by reserves. Every dollar a borrower receives came from a lender who chose to put it in the pool — which is why the interest goes back to them, minus a reserve factor.
Designed around the ways this breaks.
Equity collateral gaps overnight, oracles go quiet, and thin books turn liquidations into losses. Every guard below exists because one of those has already cost somebody money somewhere else.
Stress-test a live position
Position after shock
No action needed
Health factor is above the 1.35 target. The protocol does nothing — no forced sale, no fee.
If deleveraging is disabled and health falls below 1
Not liquidatable at this shock. A 50% close factor means even then only half the debt can be closed in one call.
Oracle freshness gate
Every borrow, withdraw and liquidation re-reads the Chainlink answer and its timestamp. Past the heartbeat the feed is stale: new borrows against that asset stop, repayment and top-ups stay open.
Circuit breaker
A price move beyond the per-asset deviation band inside one block halts liquidations for that asset until two independent updates agree. Bad prints should not become bad debt.
Supply & borrow caps
Per-asset caps bound the protocol's exposure to any single ticker. Caps rise with observed on-chain depth, never ahead of it.
Pause guardian
A multisig can halt new borrows and deposits. It cannot halt repayment or withdrawal of healthy collateral — a paused protocol must never trap a solvent user.
Emergency repayment
Even with borrowing frozen, repay and self-liquidate paths remain live so anyone can walk their own position back from the edge.
Audit before value
Guarded mainnet launches behind two independent audits, a public testnet period and a live bug bounty. Caps stay small until the liquidation engine has been proven with real money.
Four seats at the same table.
A money market only works when every side gets a fair deal. Here is what each one gets.
You believe in the position. You still need the cash.
Tuition, a down payment, a tax bill, a better trade. Selling means a taxable exit and a seat you may never get back at that price. A credit line means neither.
Max LTV
65%
Borrow from
4.17%
Dollar yield backed by equity, not by another dollar.
Supply USDG, receive sUSDG, earn what borrowers pay. Collateral is tokenized equity with a Chainlink price and a liquidation engine behind it — not an IOU from a trading desk.
Supply APY
2.45%
Pool size
$48.92M
Predictable, boring, well-paid keeper work.
Public health data, a 50% close factor and a 5–8% bonus scaled to the collateral's volatility. Smart Deleveraging takes the easy ones first — what reaches you is what genuinely needs clearing.
Bonus
5–8%
Liq. 90d
11
Mandated vaults and white-label rails.
Run a managed risk mandate over the pool, or license the lending infrastructure and put your own frontend on it. Same contracts, your distribution, your compliance perimeter.
Bad debt
$0
Reserve
15%
No token on day one. On purpose.
A governance token before there is anything to govern is a fundraise wearing a costume. Phase one rewards the people who actually bootstrap the pool — and the protocol earns real revenue from real interest in the meantime.
Season 1 points
livePoints accrue per dollar per day, weighted by activity and multiplied by your tier. Referrals pay you 10% of what the people you bring in earn. Reputation is non-transferable — you cannot buy a tier.
Supply USDG
1×
pt / $ / day
Borrow USDG
2.5×
pt / $ / day
Post collateral
0.5×
pt / $ / day
Points / day
50
Season tier reached
Bronze
Governance ships when USDG liquidity is deep, the liquidation engine is battle-tested, audits are closed and there is a decision worth voting on. Not before.
Where protocol revenue comes from
Interest paid by borrowers is the engine. Everything else is incremental — and none of it depends on a token existing.
Reserve factor on borrow interest
10–20% of interest paid
Liquidation fee
Protocol cut of the liquidator bonus
Fixed-term origination
5–20 bps on term draws
Flash-loan fee
9 bps per flash borrow
Institutional vault management
Managed risk mandates
White-label lending infrastructure
Licensed to other frontends
Share of projected steady-state revenue at $250M TVL and 70% utilisation. Reserve factor is governed and starts at 15%.
The path to mainnet
Testnet
- Mock stock tokens + mock USDG
- Supply / withdraw / borrow / repay
- Chainlink feed integration
- Utilization-based interest rate model
Guarded mainnet
- 1 ETF + 3 mega-cap collaterals only
- Supply and borrow caps, pause guardian
- Liquidation bot + keeper network
- Points programme goes live
Credit line
- Revolving Stock Credit Line
- Fixed-term draws: 7 / 30 / 90 days
- Portfolio collateral risk engine
- Smart Deleveraging
Scale
- Institutional vaults + white-label SDK
- Flash loans
- Global Dollar Network incentives
- Governance, once it is actually needed
The questions that actually matter.
Stop choosing between your shares and your cash.
Connect a wallet, deposit a stock token, and see your credit line in under a minute. Testnet is open and costs nothing.
Jurisdiction notice
Robinhood Chain is permissionless, but Robinhood Stock Tokens are not offered to residents of United States, Canada, United Kingdom or Switzerland. This interface applies geo-restriction and is not an offer or solicitation anywhere it would be unlawful. Stock Tokens give economic exposure through tokenized debt securities — they are not direct legal ownership of the underlying share. Borrowing against volatile collateral can result in the total loss of that collateral. Nothing here is investment, tax or legal advice.