The two sides of Split//Layer
The asset layer helps users understand what they hold on Robinhood Chain. The cash layer routes native USDC across five supported EVM networks. The long-term product direction connects asset ownership to usable liquidity with explicit settlement terms.
The current app reads public asset metadata and imported onchain token balances. It does not sell, redeem, borrow against, or automatically bridge Stock Tokens. RWA conversion and RWA-backed credit are not implemented.
Understand the instrument
Robinhood's official documentation describes Stock Tokens as ERC-20 tokenised debt securities issued by Robinhood Assets (Jersey) Limited. They provide economic exposure to underlying securities, without granting ownership rights in those underlying securities.
The documentation supports holding and composing existing tokens onchain. Primary issuance is separately limited to onboarded Authorised Participants. A permissionless network does not remove instrument-level eligibility and distribution restrictions.
Contract identity comes first
Read the official asset registry to match each asset with its deployed chain ID and contract address. A matching ticker or token name is not proof that a contract is issued by Robinhood.
A manually imported ERC-20 is only an address whose metadata and balance can be queried. Successful reads do not establish the issuer, backing, liquidity, transfer eligibility, or legitimacy of that token. The app should not label an arbitrary imported token as a verified RWA.
Get the units right
Stock Token corporate actions can change the number of underlying shares represented by one token. Robinhood exposes this relationship as a multiplier. Portfolio valuation must account for whether a price is per underlying share or already per token.
The documented offchain /prices endpoint returns raw underlying bid and ask values. Multiply by the current asset multiplier exactly once to derive token-equivalent values. Onchain token price feeds already incorporate the multiplier; applying it again would overstate or understate the holding.
Offchain raw equity quote:
token value = raw token balance / 10^18
× currentMultiplier
× underlying share price
Already adjusted onchain token quote:
token value = raw token balance / 10^18
× token-denominated oracle priceA mark is not executable cash
A displayed midpoint or reference price is an indicative valuation. It does not prove an immediately executable sale or the cash amount available after spread, slippage, fees, and settlement. Missing, stale, or halted market data must remain visible as such.
A future liquidity engine needs separate prices for portfolio display, collateral admission, liquidation, and actual trade execution. It must define acceptable data freshness, market closures, corporate-action timing, and fallbacks when a feed is unavailable.
Access and redemption belong in the workflow
Token transferability, trading eligibility, primary subscription, and issuer redemption are different capabilities. The relevant issuer terms and jurisdiction determine which a user may access. The Stock Token documentation specifies U.S.-person restrictions and restrictions in other jurisdictions.
A future SplitLayer conversion should verify asset and user eligibility, show the actual liquidity provider or redemption path, obtain an executable quote, and wait for settlement before crediting stablecoin spending capacity. Reading a token balance grants none of those capabilities.
The planned asset-to-cash workflow
| Step | Requirement |
|---|---|
| 01 / Identify | Verified token address, chain, issuer, and holder eligibility |
| 02 / Price | Fresh, correctly denominated data plus an executable liquidity quote |
| 03 / Convert or collateralize | Explicit sale or lending terms; no implied native redemption |
| 04 / Settle | Final receipt of the supported stablecoin or funded credit obligation |
| 05 / Spend | A bounded destination budget with a clear fee and expiry |
| 06 / Reconcile | Update asset holdings, cash, reservations, and any debt separately |
An independent application
Split//Layer is not Robinhood, an Authorised Participant, an issuer, or a broker. Using public chain data and developer endpoints does not create a partnership or endorsement. The app provides live wallet routes and read-only asset data; RWA conversion is a future capability.