FAQ
eUSD
What is eUSD?
An overcollateralized stablecoin you mint against tokenized stocks, ETFs and ETH on Robinhood Chain: 15 collaterals in four risk groups, from SPY and QQQ to WETH, NVDA and MSTR. Every eUSD is backed by at least $1.50 to $2.00 of collateral at mint, depending on the group. The design follows Liquity, whose mechanism has kept LUSD solvent since 2021, adapted for stock collateral.
How is eUSD different from USDC or USDT?
USDC and USDT are IOUs on a bank account: an issuer holds dollars offchain and you trust their attestations. eUSD's backing is onchain and verifiable every block, with liquidations and redemptions enforced by code. It is also productive: its collateral is stocks, ETFs and ETH, and the upside stays with the people who minted.
How does eUSD hold its $1 peg?
Three mechanisms. Overcollateralization: minting requires 150% to 200% backing. Redemption: anyone can burn 1 eUSD for exactly $1.00 of a collateral from its riskiest positions, an arbitrage that pays whenever eUSD is below $1. Liquidation: positions below their group's threshold are repaid by anyone, for a 5% bonus. Details on How the peg holds.
What does minting cost?
No mint or redemption fee. The stability fee is 8% a year on the eUSD you minted. If you provide your eUSD as liquidity on Fables and stake it in the gauge, you earn about 5.5% back as boosted FABLES emissions, for about 2.5% net. See Fees & LP rebate.
Where does the staking yield come from?
The seUSD vault pays a fixed 16% APR in eUSD from a reward reserve the treasury tops up, funded by the stability fee. The APR holds while total staked is under the vault's cap and is shared above it. See Staking.
Can I unstake at any time?
Yes. Staking has no lockup, no cooldown, and no fees: stake and unstake are instant, 24/7.
Which collateral can I use?
SPY, QQQ and GLD (ETFs, 150% minimum ratio); WETH (200%); NVDA, META, GOOGL, AAPL, TSLA and AMZN (big tech, 175%); and SPCX, MSTR, CRCL, MU and PLTR (high growth, 200%). These are Robinhood's stock tokens on Robinhood Chain and WETH. See Risk parameters.
Do I keep the upside on my collateral?
Yes. Debt is in dollars and collateral stays in its own token, so all appreciation is yours. If SPY rises 30%, you repay the same eUSD and withdraw collateral worth 30% more.
What happens if my position gets liquidated?
Someone repays your debt and takes collateral worth the repayment plus 5%. Anything left over returns to you in the same transaction, and the eUSD you minted stays yours. Details on Liquidations.
What happens when the stock market is closed?
eUSD keeps working. When Chainlink stock feeds go quiet, signed prices within a band of Chainlink's last price keep collateral priced, so you can mint, withdraw and redeem at nights and weekends. See Prices & market hours.
I have an eSPY position or a v1 stake. What should I do?
The eSPY manager no longer mints and v1 staking rewards end on 6 November 2026. Close and unstake on v1, convert eSPY to SPY, and reopen on v2. See Moving from v1.
eTokens
What backs an eToken?
Two layers: a protocol-owned Reserve Vault holding real tokenized stock 1:1 by value, plus LP crypto collateral insuring whatever the reserves do not cover. See Backing & solvency.
Can I always exit?
Yes, through a four-tier waterfall ending in a self-serve force-execution right against LP collateral at the oracle price. The everyday paths (maker fill, PSM in-kind redemption) are instant. See Exit guarantees.
Are there mint or redeem fees?
No protocol fees in either direction. The maker's spread is the only trading cost; PSM conversion is entirely free.
Can my eTokens be liquidated?
Plain holdings, never: they are fully paid exposure. Only positions you choose to open against them (borrowing) carry liquidation rules.
Curated Funds (OwnX)
What is a Curated Fund?
One token that holds a basket of tokens, picked and kept current by curators: traders who live in that market. Think of it as a programmable ETF for the onchain economy. You buy one token and hold the whole basket, weighted and rebalanced for you. See Curated Funds.
What backs a fund token, and can I always get out?
The basket the fund holds onchain, plus the fund's USDG. Any holder can redeem any time for their slice of everything the fund holds, at NAV, optionally swapped to USDG in the same transaction. Redemption needs no oracle and cannot be paused. You can also sell in the fund's pool. See Redeem.
What are NAV and the premium?
NAV is what one fund token is worth in the assets behind it. The token can trade above NAV in its pool when demand is high; that gap is the premium. Redemptions always pay NAV, so NAV is the floor and the premium is what demand adds on top.
How do I get in?
During a launch, deposit any basket token or USDG and get in at NAV with an early-deposit bonus (Launch). After launch, buy in the pool, mint directly at the pool price with a Premium Boost, or mint at NAV (Buying, minting & redeeming). In the app, joining needs a referral link from an existing member.
Where does the fund staking yield come from?
Staked fund tokens earn new fund tokens at a yearly rate that steps up with the fund's premium to NAV (12%, 24% and 48% APR by default, nothing below NAV). Stakers also share a Premium Pot filled when buyers pay above NAV, and direct minters get a Premium Boost. See Staking & yield.
What happens if a token in the basket goes to zero?
The fund loses that token's weight, not your whole position. In a fund where it is 15% of the basket, the fund drops 15% from that token while everything else stays. See the runner example.
Who are the curators and how are they paid?
Traders who pick the basket and bring holders. Own is a curator of every fund. Curators earn the 1% fund fee on mints and redeems, the pool tax on trades, and a share of staker yield minted on top, so stakers lose nothing. Own takes a third and the other curators split the rest. See Curators & the basket.
What does it cost?
A 1% fund fee on mints and redeems, and the pool's tax and LP fee on pool trades (set per fund and shown on the fund page). There is no separate protocol fee. See Fees.
General
Is Own audited and open source?
Yes. Contracts are public, verified onchain, and independently audited across multiple rounds. See Security & audits.
What is Own building?
An ecosystem for productive money. The main product is eUSD, a stablecoin backed by stocks, ETFs and ETH. $MONEY is the protocol token, and OwnX is where new products like Curated Funds ship first.
Is there a token?
Yes. $MONEY is live on the Pons launchpad, paired with SPY. It launched fair: no presale.
What is $MONEY and how does it fit?
Stake it in the sMONEY vault for a fixed 12% APR. Its trading fees buy back $MONEY and fund the treasury, which pays $MONEY staking yield, bribes for the eUSD LP rebate and protocol operations. Own also uses its Curated Funds income to buy back $MONEY, which makes it the fund of funds. See How $MONEY fits.