eTokens overview
eTokens (eSPY, eTSLA, eNVDA, ...) are Own's tokenized stocks: standard ERC-20 tokens that track real-world asset prices. They are Collateral-Secured Tokens (CSTs), a design category between the two older approaches to onchain stocks:
| Approach | Backing | Weakness |
|---|---|---|
| Custodial wrappers (xStocks, Robinhood tokens) | A claim on one regulated issuer | Single-custodian counterparty risk, jurisdiction limits, redemption terms |
| CDP synthetics (Synthetix-style) | The holder's own locked margin | Heavy overcollateralization, constant liquidation risk |
| CST (Own) | A layered, code-governed portfolio: real wrapper tokens 1:1 plus LP crypto insurance | Holders pay 1:1, are never liquidated, and no single custodian is load-bearing |
The two-layer backing
- Reserve Vaults. A protocol-owned pool per asset holds wrapper tokens (tokenized real stocks from issuers like Robinhood) 1:1 by value behind the eTokens outstanding. This is what keeps the price tracking.
- LP collateral vaults. Pooled crypto collateral from LPs insures anything the reserves do not cover at any moment: a depegged wrapper, a failed issuer, an unfilled redemption. See Backing & solvency.
If any single backing layer fails, holders are made whole from the rest, enforced by the netting rule checked on every mint.
Live assets
Seven assets are live on Robinhood Chain, each PSM-backed by Robinhood Gen-2 wrapper tokens with a $1M issuance cap:
| eToken | Underlying | eToken | Underlying |
|---|---|---|---|
| eSPY | S&P 500 ETF | eQQQ | Nasdaq-100 ETF |
| eTSLA | Tesla | eNVDA | Nvidia |
| eMSFT | Microsoft | eGOOGL | Alphabet |
| eSPCX | SpaceX |
Addresses are on the contract addresses page. The listing plan extends to 45 assets across US stocks, ETFs, commodities, FX, and Asian markets.
What holders get
- 1:1 exposure, no margin. You pay the asset's price plus a maker spread; there is no protocol mint or redeem fee, and holders are never liquidated.
- Dividends. Dividend-paying assets pass income through the token's built-in accumulator. See Dividends & halts.
- Guaranteed exits. A waterfall of four exit paths, ending in a force-execution right against LP collateral. See Exit guarantees.
- Composability. Standard ERC-20 + permit: eTokens work as collateral for borrowing and for minting eUSD (eSPY).