Florin is a lending market for tokenised stocks on Robinhood Chain. Deposit SPY as collateral, mint FUSD, and borrow dollars without selling a share.
Borrow dollars against tokenised stocks, without selling a share.
Florin is a lending market for tokenised stocks on Robinhood Chain. Deposit SPY, mint FUSD, a dollar stablecoin, and keep the price exposure and every dividend your shares pay. Live on Robinhood Chain Testnet, with contracts written in Rust on Arbitrum Stylus.
Deposit SPY. It keeps earning dividends the whole time.
Mint FUSD against it. Spend it, lend it, or loop it back into more SPY.
Repay whenever you want. There is no maturity.
Robinhood Chain's stock tokens pay dividends by raising an on-chain multiplier, so every distribution lands on your collateral and your position deleverages itself while you borrow.
Maximum loan-to-value | 90.9% (110% minimum collateral ratio) |
Interest rate | Set by each borrower, from 0.5% |
Upfront cost | One week of interest. No origination fee. |
Minimum loan | 10 FUSD |
Every borrower chooses their own interest rate, from 0.5% a year. The rate also sets your place in the redemption queue, so lower rates cost less but are redeemed first. Being redeemed isn't a liquidation, as your debt falls by exactly as much as your collateral.
Redemptions. Anyone can redeem FUSD for $1 of SPY, starting with the lowest-rate positions.
The Stability Pool. Depositors earn 75% of all borrower interest and absorb liquidations, receiving SPY at a discount. No auctions or keepers needed.
Because FUSD is minted against collateral, borrowing grows with deposits instead of being capped by a treasury.
The full protocol is ported to Rust on Arbitrum Stylus with bobcat-sdk, our own Stylus SDK. Along the way we published two open-source crates on crates.io so other teams can build on the same foundations. stylus-robinhood-stock-tokens covers 35 Robinhood stock tokens, and stylus-chainlink-price-feeds covers Chainlink feeds on Robinhood Chain and Arbitrum.
Superposition Accounts handle onboarding, with social login, bridging, gas paid in USDG, and USDG to SPY swaps through Uniswap V4. Market data in the app comes from a Go indexer and GraphQL API that we run on our own servers in Adelaide.
SPY is the first market, and any tokenised equity or ETF on the chain can be listed the same way. We're working on gasless onboarding, one-click leverage, more stock markets, an audit and mainnet, and FUSD liquidity across Robinhood Chain DeFi. Long term, Florin aims to become an infrastructure hub for real-world assets, covering the tooling around tokenisation and the DeFi built on top of it, starting with credit against tokenised equities.