> For the complete documentation index, see [llms.txt](https://docs.useicaria.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.useicaria.xyz/assets/stock-tokens.md). # Stock Tokens What Robinhood Stock Tokens are, and which of their properties start to matter once somebody trades them. Robinhood Stock Tokens are the launch catalogue. They also explain why the venue lives on Robinhood Chain rather than anywhere else: equities put on-chain by a listed broker, backed one for one, moving as plain ERC-20s at any hour, and priced by Chainlink. ## What they are | Property | Detail | | ----------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Issuer | Robinhood Assets (Jersey) Ltd | | Legal nature | Tokenized **debt securities**. Holding one is holding a claim against the issuer that follows the share, not the share itself. | | Backing | One for one, against shares held in US custody | | Standard | ERC-20 at 18 decimals, with the ERC-8056 corporate-action interface layered above it | | Availability | More than 120 countries. | | Transfer controls | **Nothing on-chain.** Neither an allowlist, a transfer hook nor a freeze function appears in the documentation. Where eligibility gets applied is Robinhood's own interface and the KYC'd primary issuance and redemption path. | | Pricing | Chainlink Data Feeds running 24/5 and Data Streams carrying market status; the ERC-8056 multiplier is baked into the price already | ## Why those properties matter once you trade * Being **plain ERC-20s** means vaults and RFQ settlement can hold and move them without anyone allowlisting anything, and an attested wallet trades with no per-token formalities. * Because **ERC-8056 absorbs dividends and splits**, value gathers inside the token and inside its feed. Nothing has to be administered and no ex-dividend cliff is waiting to be mispriced. See [Corporate actions and dividends](/protocol/corporate-actions.md). * Anchor quoting and [trading regimes](/protocol/trading-regimes.md) both depend on **Chainlink pricing that carries market status**, which lets the mid and the session arrive through one guarded source. * **No on-chain compliance** cuts two ways. Any address can hold these tokens, including addresses that would never pass Robinhood's own screening. That is precisely the reason eligibility is applied by Icaria itself where the protocol begins, through the [eligibility registry](/architecture/eligibility.md), against every trader, LP and maker on every action that warrants it. Were Stock Tokens to take on ERC-7943 (uRWA) or ERC-3643 hooks later, the vaults and settlement contracts call `canTransfer` and `canReceive` defensively today and would simply need allowlisting by the issuer. See [Asset roadmap](/assets/asset-roadmap.md). ## The issuer, and the right to freeze Two risks travel inside every Stock Token position, and the venue discloses and prices both rather than looking past them: * **Issuer credit risk.** What the token represents is debt owed by Robinhood Assets (Jersey) Ltd. Should the issuer fail, its value turns on what can be recovered from custody, not on where the share is trading. Vault LPs and token holders carry that claim equally. * **Freeze rights.** The issuer's terms reserve the ability to suspend, freeze or restrict tokens in certain situations. The published documentation shows no freeze function on-chain. Ahead of any market opening, the deployed bytecode of its token is examined for pause, freeze, blacklist and forced-transfer roles, with the result published on the listing page. Finding such a role feeds into the tier assignment and the caps. See [Issuer risk](/risk/issuer.md). ## What is listed Tier A consists of tokenized SPY, QQQ, AAPL, MSFT and NVDA. The full tier assignment, and the criteria a token has to clear before its market can open, are in the [Listing framework](/assets/listing-framework.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. 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