// STOCK-COLLATERAL LENDING — ROBINHOOD CHAIN
Borrow dollars.
Keep your stocks.
Lends turns tokenized shares into an engineered credit line. Deposit stock, mint leUSD against it, repay on your schedule — your market position never moves.
Deposit Stock Tokens
Move tokenized shares into a vault only you control. Ownership never changes hands — the shares simply stand as collateral.
Mint leUSD
Draw leUSD against the deposit, instantly, up to your borrow limit. No credit check, no fixed term, no due date.
$1,000 DEPOSITED → MINT UP TO $600 leUSDRepay when you want
Clear the debt plus accrued interest at any time and withdraw your shares. Your market exposure never went anywhere.
A credit line against your portfolio.
Open a vault, deposit approved Stock Tokens, and mint leUSD at a transparent ratio. Watch your position's health in real time; add collateral or repay in one click.
Stake leUSD, earn the protocol's revenue.
Stake leUSD for sleUSD and receive a share of real revenue: borrower interest, liquidation fees, and yield on protocol reserves. sleUSD grows in claim value as fees accrue.
In and out at one dollar.
The Peg Stability Module swaps leUSD for USDG one-for-one. A hard anchor for the peg — and a predictable exit for you.
sleUSD isn't paid from emissions. It's paid from the protocol's own revenue:
Everyone minting leUSD pays interest on open debt. Those payments flow to stakers.
When a position falls below its maintenance level, it's closed with a penalty — collected by the protocol.
USDG in the Peg Stability Module isn't idle: 90% is deployed to Morpho lending markets, 10% stays instantly liquid for redemptions.
Yield is variable and depends on protocol usage. Nothing here is a promised rate.
Every leUSD enters circulation against more than a dollar of collateral. The system starts solvent and is designed to stay that way.
The PSM lets anyone swap leUSD for USDG at par. If leUSD ever trades off a dollar, arbitrage closes the gap.
Positions are liquidated at a level set safely above the borrow limit — a fixed 10-point gap that protects the protocol before positions become risky.
You can mint up to 60% of your collateral's value — never all of it. Volatility-tiered limits keep riskier names lower.
Liquidation triggers at 70% — a fixed 10 points above the borrow limit — so the protocol acts long before debt approaches collateral value.
Positions are priced with Chainlink feeds — the same oracles that price Stock Tokens across Robinhood Chain.
Collateral, debt, backing, and PSM reserves are on-chain and checkable every block. No attestations to wait for.
| Token | Company | Status | Max LTV | Liquidation |
|---|---|---|---|---|
| NVDA | NVIDIA | LIVE | 60% | 70% |
| AAPL | Apple | LIVE | 60% | 70% |
| TSLA | Tesla | LIVE | 60% | 70% |
| MSFT | Microsoft | ENABLING | — | — |
| SPY | S&P 500 ETF | ENABLING | — | — |
| QQQ | Nasdaq-100 ETF | ENABLING | — | — |
| AMD | AMD | ENABLING | — | — |
| META | Meta Platforms | ENABLING | — | — |
| PLTR | Palantir | ENABLING | — | — |
| + MU, INTC, SNDK, SLV, CRCL and more in review — the aim is every Stock Token Robinhood lists. | ||||
CORE PROTOCOL PARAMETERS · CURRENT VALUES ARE ALSO DISPLAYED IN THE APP.
The protocol token
LENDS — the coordination layer.
LENDS governs what the protocol becomes: which collateral is listed, where borrow limits sit, how fees are set, and how the treasury is used. Hold it to vote; stake alongside the system you help steer.
Q01What is leUSD?
leUSD is a stablecoin minted when users borrow against tokenized stock collateral on Lends. Every leUSD in circulation is backed by more than one dollar of collateral, and it can be swapped 1:1 for USDG through the Peg Stability Module.
Q02What can I use as collateral?
Stock Tokens on Robinhood Chain. Markets go live one by one — NVDA, AAPL and TSLA first — and the aim is to support every stock Robinhood tokenizes, with limits tiered by volatility.
Q03How much can I borrow?
Up to your collateral's borrow limit — currently $600 leUSD per $1,000 of collateral on live markets. Borrowing less than the maximum keeps your position further from liquidation.
Q04What happens if my stock price falls?
Every position has a maintenance level set 10 points above its borrow limit. At maximum borrow, your collateral would have to fall roughly 14% before reaching it. If it does, the position is liquidated: collateral is sold to repay the debt plus a fee, and anything remaining is returned to you. You can add collateral or repay at any time to stay clear of it.
Q05Is the sleUSD yield sustainable?
sleUSD yield is protocol revenue — borrower interest, liquidation fees, and lending yield earned on PSM reserves through Morpho. It rises and falls with real usage. It is variable, not a promised rate.
Q06Can I always swap leUSD back to USDG?
The PSM holds USDG reserves for 1:1 swaps. A portion stays instantly liquid; the remainder earns yield on Morpho and is recalled as needed. During heavy one-way flow, large swaps may settle as reserves are recalled.
Q07What exactly is sleUSD?
Your receipt for a stake in the leUSD staking pool — the same way an LP token proves a pool position. Its claim value grows as protocol revenue accrues. Unstaking starts a 7-day vesting period before your leUSD is claimable.
Q08What is the LENDS token for?
LENDS is the governance token: it decides collateral listings, risk parameters, fees, and treasury use.
Q09Where can I review the protocol?
Technical documentation, deployed contract information, and public source materials are available through the official documentation and GitHub organization.
Q10Is Lends affiliated with Robinhood?
No. Lends is an independent protocol deployed on Robinhood Chain, a public, permissionless network. Robinhood Markets is not affiliated with Lends and does not endorse it.
Lending, engineered
Put your portfolio to work.
Open a vault in minutes. Your stocks stay yours.