Terms
An owner deposits an eligible Stock Token and sets its raw token amount, a fixed USDG rental fee, USDG collateral, minimum entry collateral ratio and duration. Each offer is independently funded. An owner may cancel only before a borrower accepts.
Opening a rental
The borrower deposits the stated USDG collateral and fee. The contract checks both asset and USDG price feeds for valid, recent data and rejects a rental if collateral is below the owner’s minimum ratio at that moment. The fee is then sent to the owner and the Stock Token to the borrower.
Overcollateralization is checked at entry only. There is no continuous margin call or automatic top-up.
Returning or settling
Until the exact deadline, the borrower may return the same raw Stock Token amount. The contract sends it to the owner and releases the deposited collateral to the borrower. After the deadline, any account may settle a default and send the posted collateral to the owner instead. The fee is not refunded for early return or default.
Price checks
The contract uses onchain feeds for the Stock Token and USDG when a rental is accepted. It rejects invalid or future-dated observations, Stock Token prices older than two hours, USDG prices older than 26 hours, and entries while the Stock Token reports its oracle paused. New rentals may be unavailable outside equity-market hours. Robinhood’s Stock Token price feeds already incorporate the corporate-action multiplier, so the app must not apply that multiplier a second time. No price check occurs after acceptance.
Read the official Stock Token documentation and data semantics.
Risks and limits
If a borrower does not return the asset, the owner receives the fixed USDG collateral, not a guaranteed equivalent replacement token. A price rise, USDG depeg, delayed oracle or market closure can make that collateral insufficient. The borrower can lose the collateral on default. Stock Tokens are issued debt securities with jurisdictional restrictions; they do not grant direct shareholder rights in the underlying securities.
The registry administrator can add eligible asset and feed pairs but cannot replace an existing feed or withdraw a user’s escrow. The contract has not received an independent security audit. Do not send real assets to the testnet contract.
Public testnet contract: 0x47dd080046A49f43A6300450e1f3621f62b93DeE. Only synthetic test assets are used. There is no Kelve mainnet contract yet.