> For the complete documentation index, see [llms.txt](https://docs.usegimbal.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usegimbal.app/collateral/next-markets.md).

# Collateral still to come

The asset classes lined up behind Stock Tokens, the parameters they would open under, and the onboarding route that keeps each new market sealed off from the others.

Nothing in the desk is specific to equities. A market is a collateral token with a feed, a loan-token pairing, a tier and a cap, and any token that Chainlink or an issuer can price is a candidate for one. Stock Tokens came first because the chain is their home and they arrived with a broker's customer base behind them. This page covers what comes next and how it gets in.

## Tokenised treasuries and fund shares

After stablecoins, tokenised US Treasuries are the biggest RWA category, at about $16B on-chain. Tokens such as USDY, JTRSY and the BUIDL class can reach the chain by LayerZero or by CCIP. Posted as collateral, they are a stock's mirror image: almost no volatility, and a price that is a NAV rather than a trade.

The market they would open under looks like this.

| Setting                | Intended value                                                                                                      |
| ---------------------- | ------------------------------------------------------------------------------------------------------------------- |
| Max LTV at origination | 85% to 92%                                                                                                          |
| Oracle                 | NAV, published by the issuer or by Chainlink, with staleness bounds sized for a once-a-day print                    |
| Liquidation LTV        | Slightly higher than the origination ceiling, by a few points                                                       |
| Session handling       | None. There is no trading session, so no closed-market haircut                                                      |
| Transfer rules         | Often permissioned under ERC-3643 or a close relative; the issuer must allowlist the escrow before the market opens |

## Funds from Robinhood itself

If Robinhood issues tokenised funds on its own chain, they go through the same gate as anything else: a review of the oracle, of liquidity and of the bytecode, then a tier assigned by a timelocked batch.

## Sealed markets

Every collateral type is configured on its own: its own feed and loan-token pairing in `PriceSentinel`, its own tier and `exposureCap` in `PolicyBoard`. Markets have nothing in common. There is no shared pool of lender funds, no cross-collateralisation between tokens, and no common bad-debt ledger. Trouble in a bridged treasury token stops at that token's loans, and a Stock Token event never touches a treasury loan.

## The route in

1. Read the bytecode for any pause, freeze, blacklist or forced-transfer power.
2. Review the oracle: does a feed exist, how often does it update, what is its deviation threshold, and what happens while it is paused.
3. Review liquidity, meaning DEX depth on the chain or, for NAV-priced assets, the redemption terms.
4. Post a proposal for the tier and the cap, with reasoning, and let it sit for the full timelock.
5. Open under a small cap. Raise it as repayment and liquidation data comes in.

## Tokens with compliance hooks

A token built to ERC-7943 (uRWA) or ERC-3643 decides for itself who may hold it. To take one as collateral the desk has to ask `canTransfer` and `canReceive` on the way in and on the way out, so that a restriction shows itself at origination rather than at the moment a borrower repays. The current desk moves collateral with plain ERC-20 transfers and does not make those calls; adding them is part of opening a permissioned market. The [role registry](/architecture/eligibility.md) is built so the token's own rules and the protocol's rules can both hold without either side trusting the other.


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