Tokenized stocks,
priced as the shares are.
Trade Stock Tokens for USDG at prices pinned to the live Chainlink mid. Each ticket lists the spread and the fee on lines of their own, and each fill settles on-chain, open to anyone who wants to check it.
$IRIDIUS is live: 0x28e3c0c404088f1a5d739221072ddf6ab4431022
You pay
You receive
- Chainlink mid
- 176.40 USDG
- Spread · 10.0 bps
- 9.99 USDG
- Skew
- +0 bps
- Protocol fee · 2.0 bps
- 2.00 USDG
Held within 75 bps of mid · atomic settlement
- Half-spread
- 10 bps
- Tier A, during the open session
- Protocol fee
- 2 bps
- A separate line on each ticket
- Oracle band
- 75 bps
- Nothing settles beyond it
- Settlement
- Atomic
- On Robinhood Chain
Markets currently listed: NVDAx, tier A; SPYx, tier A; AAPLx, tier A; MSFTx, tier A; QQQx, tier A; TSLAx, tier B; AMZNx, tier B; PLTRx, tier C.
Pricing
A single formula, published in full
Each quote on Iridius comes from identical arithmetic applied to public state, so anyone can rebuild any price from on-chain inputs.
your price = mid + spread × regime ± skew + fee
- midT1
176.40 USDG
The Chainlink price, behind guards. A zero, stale or implausible round stops the market rather than setting a price.
- spread × regimeT2
10.0 bps × 1.0
The half-spread for the tier (10 bps in Tier A), multiplied by the session factor: ×1.0 when open, ×1.5 in extended hours, ×3.0 when closed.
- skewT3
+0 bps
When a vault drifts from its 50/50 inventory target, it tightens the side that brings it back, by up to ±15 bps.
- feeT4
2.0 bps
Given a separate line on the ticket and logged in the fill event. It is never buried in the curve.
176.61USDG
Held inside a hard band: whatever fails upstream, no fill settles further than 75 bps from the mid.
- Guarantee 01
The chain recomputes it
Within your transaction, the router rebuilds the vault quote from oracle and vault state, so no front end can send you to a price worse than the formula gives.
- Guarantee 02
Makers have to beat it
A signed RFQ quote from an attested maker settles only if it pays you more than the vault does. Losing is free for them, so they keep quoting.
- Guarantee 03
A worse price reverts
Your signature carries your slippage bound and deadline. Should state move beyond either before inclusion, the swap reverts instead of filling.
Sessions
A venue that keeps track of the clock
Stock Tokens trade at all hours, yet equity markets open for only about 32 hours each week. Each market has a regime that prices in that gap, taken from the market status the oracle itself reports.
- OPEN
Open
×1.0 spread · full clip
- EXTENDED
Extended
×1.5 spread · ×0.75 clip
- CLOSED
Closed
×3.0 spread · ×0.5 clip
Saturdays and Sundays count as closed from start to finish: quotes keep coming at ×3.0 with half the clip, and the ticket makes that clear. Declining to quote would bring market hours back to a chain that runs 24/7, while pricing weekend trades at weekday spreads would leave LPs as the unpaid counterparty to every Monday gap. When your trade can hold until the open, holding costs less, and the venue lets you know.
When quoting halts completely
04- 01The feed is older than the staleness bound for the sessionclears on a new oracle round
- 02A corporate action, with the feed reporting oraclePaused()clears on the feed coming back
- 03One round moves by over 25%clears on a published, timelocked review
- 04The sequencer goes down, plus a one-hour recovery graceclears on the end of the grace period
A halt only stops pricing. LP withdrawals keep working regardless.
Venue
One router in front of two venues
Standard-size orders fill against vaults anchored to the oracle, while block-size orders go to professional makers as signed quotes. Whichever pays you more is what the router settles.
- 01
Anchor vaults
What it does
Show two-sided quotes in every market around the guarded Chainlink mid, with tier, session and inventory setting the spread. Standard-size orders fill here immediately.
What you get
A price from a formula you can work out yourself, and LP income that reflects what the market truly pays for immediacy, not what arbitrage leaves behind.
- 02
RFQ makers
What it does
Block-size requests reach attested market makers off-chain, and they reply with signed quotes. Quoting is free for them, and they only win when they beat the vault.
What you get
Orders big enough to walk a curve are put to competition instead, then settled atomically against the maker's own wallet via a standing Permit2 allowance.
- 03
The router
What it does
A single entry point. It verifies eligibility and the band, prices both the vault path and any RFQ quote, then settles the one that pays you more.
What you get
A token-to-token swap executes as two legs via USDG within one transaction. Should either leg fail to clear within its guards, both are reverted.
The hard bound
75 bps
The oracle band for Tier A. Whatever the parameters, no fill from a vault or a maker settles any further than this from the guarded mid.
The whole fee
2 bps
Listed on the ticket and logged in the fill event, together with 10% of the vault's realised spread. None of it is tucked inside a curve.
Custody
None
Assets stay in your wallet or in vaults owned by LPs. Because settlement is atomic, the venue holds nothing that could be lost.
Three seats
Traders
Swap around the clock at itemised prices, with the session shown right on the ticket.
Liquidity providers
Put capital in a vault and collect the spread. Withdrawals are in kind and function in any state, halted or paused, even if your attestation has expired.
Market makers
Quote off-chain at no cost, win only when you beat the vault, and settle atomically.
Compared
Generic pools treat RWAs as if they were memecoins
Constant-product pools work for crypto-native pairs but fall short for assets whose price of record is set on an exchange. The dislocations at the 2025 launch, when thin pools quoted tokenized stocks at steep premiums, showed that gap in public.
Price
- A generic pool
- Set by whatever sits in the pool's reserves
- Iridius
- Pinned to the Chainlink mid and held inside a hard band
Weekends
- A generic pool
- A Saturday priced as though it were a Tuesday
- Iridius
- In closed sessions spreads widen and clips shrink, shown on the ticket
LP returns
- A generic pool
- Picked off by arbitrage whenever the reference price moves
- Iridius
- They earn the spread, and skew pays the market to rebalance them
Splits
- A generic pool
- The pool breaks or has to migrate
- Iridius
- The market halts, then resumes on the adjusted feed
Size
- A generic pool
- Pays its way down the curve
- Iridius
- Routed to competing makers as signed RFQ quotes
Fees
- A generic pool
- Hidden inside the curve
- Iridius
- Listed line by line on the quote and logged in the fill event
The two sit side by side rather than in opposition: arbitrageurs who pull generic pools towards anchored quotes bring welcome flow, and skew pricing rewards them for rebalancing the vaults as they go.
Chain
Built on the chain the assets already call home
No other network has a regulated broker issuing tokenized equities as ordinary ERC-20s, backed by Chainlink feeds, permissionless deployment and the broker's own distribution. Robinhood Chain does.
- Mainnet
- LiveRobinhood Chain since 1 July 2026
- Block time
- ~250 ms100 ms preconfirms
- Median transaction
- ~$0.001gas in ETH
- Assets
- 2,000+Stock Tokens, ERC-20
- Stack
- Arbitrum Nitro, EVM-equivalent
- Settlement
- Ethereum, blob data availability
- Issuer
- Robinhood Assets (Jersey) Ltd, 1:1 backed
- Corporate actions
- ERC-8056 uiMultiplier()
- Oracles
- Chainlink Feeds + Streams with market status
- Quote asset
- USDG (Paxos), MiCA-regulated, native
- Accounts
- ERC-4337 + EIP-7702, sponsored first swap
- Explorer
- Blockscout, every fill linked
- 01
Because the stocks are plain ERC-20s, no issuer allowlist sits between a wallet and a swap.
- 02
The session flag that drives the regime engine arrives through the oracle, from the very source that prices the fill.
- 03
Transactions costing under a cent make small swaps worthwhile and keep quotes fresh at a hundred milliseconds.
Promises
Eight promises, and how to check each one
Claiming transparency costs nothing; a commitment can be checked. Should any entry below ever fail its check, it is treated as an incident, with a public post-mortem to follow.
- 01
Each fill itemised on-chain
Mid, spread, skew and fee all sit in the fill event, exactly as on the ticket.
verify:compare any fill on Blockscout with its receipt
- 02
Never a fill beyond the band
Enforced as a contract invariant rather than a policy, for RFQ and the vault path equally.
verify:run the public invariant suite
- 03
Unfiltered execution quality
How far each fill landed from the mid, shown live and available as a raw download.
verify:rebuild the figures from chain events
- 04
Order flow is never sold
On-chain, the router settles each fill at the best price it can verify.
verify:work out any fill's venue comparison again
- 05
Custody is never taken
Settlement is atomic, and vault inventory is owned by LPs rather than the venue.
verify:read the audits confirming no such function exists
- 06
Withdrawals without conditions
Whatever the vault state, and with every pause switched on, exits stay open.
verify:find halt-state withdrawals in the explorer
- 07
Changes are published and timelocked
Each parameter change is queued alongside its rationale ahead of execution.
verify:read the governance log, whole since block one
- 08
Open source with verified bytecode
CI checks on each release that what is deployed is exactly what was audited.
verify:rebuild from the tag and compare
FAQ
Questions answered, on the record
Here you get the short answers. The documentation carries the full ones, maths and failure modes included.
01Does Iridius count as an exchange?
It is a swap venue that never takes custody. Oracle-anchored vaults and competing makers supply the quotes, settlement happens atomically on Robinhood Chain, and the venue never holds your assets. You will find no order book and no account to top up.
02How come the spread is wider at night than it was this afternoon?
Because the underlying market has shut. Liquidity providers carry the gap until the next open, so quotes in a closed session take a ×3 spread multiplier and smaller clips. Before you sign, the regime badge on the ticket always displays the multiplier that applies.
03Does buying tokenized AAPL make me an Apple shareholder?
No. What you hold is a Stock Token, an ERC-20 debt security from Robinhood Assets (Jersey) Ltd that follows the share, with dividends building up inside the token via its ERC-8056 multiplier. Your first swap comes with a disclosure that explains the distinction.
04Where does LP income really come from?
They earn the spread realised on their vault's fills, less the protocol's 10% cut, which accrues into value per share. There are no emissions and no points. Impermanent loss in the AMM sense does not apply, since anchored vaults are not drained by reference-price arbitrage; the genuine risks, inventory and weekend gaps, are spelled out and priced in.
05Who decides what the price is?
A formula applied to public state sets them: the guarded Chainlink mid, the tier half-spread multiplied by the session multiplier, the inventory skew, and an itemised fee. No one at Iridius can alter a single quote or fill, and parameters can only move through a timelock that comes with a published rationale.
06Which assets follow Stock Tokens?
At the guarded launch, Tier A equity markets run under visible caps. After that comes the long tail of Stock Tokens as their feeds and reviews finish, followed by tokenized treasuries and gold via the same listing checklist, then the public API and SDK, and finally the handover to governance. No phase opens until the previous one has produced the evidence.
07Is it possible to build Iridius into my own app?
Yes. The router is a public contract whose interface stays stable, eligibility is tied to your users' wallets and not to your app, and the quote API and TypeScript SDK arrive in the roadmap's infrastructure phase. No partner tier exists, and the reference front end gets no privileged route.
Trading is open.
Once verified, traders can start swapping within minutes. LPs earn the spread by funding vaults, makers quote at no cost, and each fill settles on Robinhood Chain.