> For the complete documentation index, see [llms.txt](https://docs.syndromics.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.syndromics.xyz/collateral-and-assets/stock-tokens.md). # Stock Tokens Robinhood Stock Tokens are the launch collateral for Syndromics. They are the reason the protocol exists on Robinhood Chain rather than elsewhere: tokenized equities issued by a listed broker, backed 1:1, tradeable 24/7 as ordinary ERC-20s, and priced by Chainlink. ## What they are | Property | Detail | | ----------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Issuer | Robinhood Assets (Jersey) Ltd | | Legal nature | Tokenized **debt securities**. Each token is a claim on the issuer that tracks the underlying share, not the share itself. | | Backing | 1:1 by shares held in US custody | | Standard | ERC-20, 18 decimals, plus ERC-8056 corporate-action interface | | Availability | 120+ countries. | | Transfer controls | **None on-chain.** No allowlist, no transfer hook, no on-chain freeze function visible in the documentation. Eligibility is enforced at Robinhood's UI and at KYC'd primary issuance and redemption. | | Pricing | Chainlink Data Feeds (24/5) and Data Streams with market status; the ERC-8056 multiplier is baked into the price | ## Corporate actions: ERC-8056 Stock Tokens implement `uiMultiplier()`, which reports the number of underlying shares per token. Dividends are reinvested and reflected as an increase in the multiplier; stock splits are handled the same way. The consequences for collateral are all favourable: * **No dividend leakage.** A borrower's collateral value accretes automatically. There is no separate dividend token to claim, escrow or fight over. * **Splits are transparent.** The Chainlink price already incorporates the multiplier, so the protocol values collateral correctly through a split without any manual intervention. * **Accounting in share terms.** `OracleRouter` reads `uiMultiplier()` alongside the price so that the loan explorer can show collateral in both token and share units. During a split, merger or similar event the Chainlink feed sets `oraclePaused()`. Syndromics freezes new borrows and liquidations on that token until the feed resumes. Repayment is unaffected. ## Why "no on-chain compliance" matters Because Stock Tokens carry no transfer restrictions, any address can hold them, including addresses that would not pass Robinhood's own eligibility screen. That is precisely why Syndromics enforces eligibility itself, at the protocol boundary, through the [Eligibility registry](/architecture/eligibility.md). Every settlement, supply, refinance and every recipient of collateral in a liquidation or repayment is checked. If Stock Tokens later adopt ERC-7943 (uRWA) or ERC-3643 hooks, the escrow contract is written to call `canTransfer` and `canReceive` defensively and will itself need to be allowlisted by the issuer. See [Collateral roadmap](/collateral-and-assets/future-collateral.md). ## Issuer and freeze risk Two risks are inside every Stock Token-backed loan, and the protocol prices them rather than ignoring them: * **Issuer credit risk.** The token is a debt claim on Robinhood Assets (Jersey) Ltd. If the issuer fails, the token's value depends on recovery from custody, not on the share price. Tier LTVs are set with this in mind, and the risk page surfaces the issuer's proof-of-reserve status wherever a feed exists. * **Freeze rights.** The issuer's terms reserve the right to suspend, freeze or restrict tokens in certain circumstances. The published documentation shows no on-chain freeze function. The deployed bytecode of every listed Stock Token is reviewed for pause, freeze, blacklist and forced-transfer roles before its market opens, and the finding is published on the risk page. Where such a role exists it is treated as a tail risk and reflected in LTVs and per-token caps. See [Issuer risk](/risk/issuer.md). ## Examples Tier A includes tokenized SPY, QQQ, AAPL, MSFT and NVDA. The full tier assignment is in [Collateral tiers](/collateral-and-assets/collateral-tiers.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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