Stocks

Apple, Tesla, Nvidia and eight more, as coins on Sui you can buy in SUI and pair a launch against. Each stock coin — xAAPL, xTSLA, … — is backed one for one by Robinhood's stock token for that company, locked on Robinhood Chain and bridged here over LayerZero. You never touch the bridge: the desk sells the coin to you and does the bridging behind your back.

Buying and selling

On /stocks you pay in SUI or USDC and receive the stock coin in the same transaction. The desk sells at the stock's live price plus a 0.5% spread, and buys back at the price minus the same spread. Paying in SUI adds one swap in front, SUI into USDC through Cetus's aggregator, inside the same transaction: one wallet prompt, and either everything lands or nothing does.

The price is a quote the desk's server signs a few seconds before your transaction, from two public sources on Robinhood Chain: Chainlink's feed for the stock token while the US market is open, and Uniswap's token/USDG pool there, as a five-minute average, when it is closed. The desk on Sui checks the signature and refuses a quote older than a minute. So the desk trades on weekends and at night too, at the price the token itself trades at.

Selling pays you USDC out of what other buyers paid in. If that pot is empty at the moment you sell, the transaction aborts rather than paying you less; wait a little, sell the coin on any pool it trades in, or redeem it (below).

What backs it

Every stock coin sold is matched by the desk's bot buying the same amount of Robinhood's stock token on Robinhood Chain and bridging it to the desk's vault on Sui, usually within minutes. The page shows the ratio live: "Backed n%" is the vault divided by the coins in circulation, read from the chain. While a purchase is in transit the number dips below 100 and comes back.

Two things are permissionless and never touch a price:

• Redeem — hand the desk xAAPL and receive the bridged Robinhood token rhAAPL, one for one, from the vault. From there the bridge takes it back to Robinhood Chain.
• Wrap — the reverse: anyone holding rhAAPL can turn it into xAAPL.

Units are Robinhood's raw units, not shares. Robinhood handles splits and reinvested dividends with a multiplier on the token (uiMultiplier, about 1.0006 for AAPL today); shares = units × multiplier. The price you are quoted is already per unit.

Launching against a stock

Pick any stock coin as the pair asset in the launch form: the "Stocks" tab. Your coin's pool is COIN/xAAPL, its market cap reads in dollars through the stock's price, and creators' fees arrive in the stock coin. Paying the dev buy in SUI works as for any pair asset: the launch transaction buys the stock coin at the desk on the way.

Who this is for, honestly

Robinhood's stock tokens are tokenised debt securities issued by Robinhood Assets (Jersey) Ltd. They give economic exposure to the stock, not the stock, and Robinhood does not offer them to persons in the United States, Canada, the United Kingdom or Switzerland. The desk follows that: the page is not served in those countries, and it asks you to confirm you are not such a person.

The stock coin is Maelstrom's, not Robinhood's. What Robinhood guarantees is the token in the vault; what the desk adds is a spread, a signed price, and a promise that the vault fills up minutes after each sale — a promise you can watch being kept on the page, and check against the chain.

What can go wrong