> For the complete documentation index, see [llms.txt](https://docs.ethosis.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethosis.org/assets/future-collateral.md).

# What comes after Stock Tokens

Stock Tokens came first because they are native to Robinhood Chain and arrive with a broker's distribution behind them. Nothing in the protocol ties it to them alone.

## Tokenised treasuries and fund units

At roughly $16B on-chain, tokenised US Treasuries are the biggest RWA category outside stablecoins. USDY, BUIDL-class funds, JTRSY and similar tokens can reach Robinhood Chain over LayerZero or CCIP. Their appeal as collateral is the mirror image of a stock's: volatility is very low and the price comes from NAV.

The parameters being targeted for them:

| Parameter               | Target                                                                                                                                |
| ----------------------- | ------------------------------------------------------------------------------------------------------------------------------------- |
| Origination LTV ceiling | 85% to 92%                                                                                                                            |
| Liquidation LTV         | A few points above the origination ceiling                                                                                            |
| Price source            | A NAV feed from the issuer or from Chainlink, with staleness limits suited to a daily NAV                                             |
| Trading session         | Does not apply, so no closed-market haircut                                                                                           |
| Transfer restrictions   | Many such tokens are permissioned (ERC-3643 or a relative). The issuer must allowlist the escrow contract before the market can open. |

## Funds tokenised by Robinhood

Were Robinhood to put its own tokenised funds on-chain, they would be assessed for collateral use exactly as any other token is: oracle review, liquidity review, bytecode review, then a tier assignment via the timelock.

## Every market stands alone

A new collateral type becomes its own market configuration, keyed on `(collateralToken, loanToken, oracle, ltvConfig)`. Markets have nothing in common: no pooled liquidity, no cross-collateralisation, no shared bad-debt ledger. If a bridged treasury token fails, no Stock Token loan feels it, and the reverse holds too.

## Onboarding steps

1. Review the bytecode for pause, freeze, blacklist and forced-transfer roles.
2. Review the oracle: is a feed available, how often does it update, what is its deviation threshold, and how does it behave when paused.
3. Review liquidity: DEX depth on Robinhood Chain, or for NAV-priced assets the redemption terms.
4. Publish a tier and cap proposal with its rationale for the length of the timelock.
5. Open the market under a small initial cap, then lift the cap as liquidation and repayment data comes in.

## Tokens with compliance hooks

Where collateral implements ERC-7943 (uRWA) or ERC-3643, the escrow contract invokes `canTransfer` and `canReceive` both when taking collateral in and when releasing it, so any transfer restriction surfaces at origination rather than when the borrower tries to repay. The [access registry](/architecture/eligibility.md) is built so that the token's own compliance logic and the protocol's rules can each be satisfied without either side having to trust the other.


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