> 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/risk/issuer.md). # The issuer behind every Stock Token Each Stock Token is a debt claim against its issuer, Robinhood Assets (Jersey) Ltd, rather than the share itself. This page breaks that exposure into its parts and shows where each part is priced, mea Inside each Gimbal loan there is a gap between the collateral and the stock it tracks. A Stock Token is a debt security in token form. Robinhood Assets (Jersey) Ltd issues it, and it references a share that sits in US custody. The protocol treats that gap as a risk in its own right, with controls that are separate from the market-risk controls on [the pricing page](/risk/pricing.md). ## Four parts of the exposure **Credit.** Should the issuer fail, holders stand as creditors against the shares in custody. They could recover part of the value, recover it late, or both. **Freeze and restriction.** Under the issuer's terms it may suspend, freeze or restrict a token in defined circumstances. If that reached tokens sitting in escrow, the collateral could not be moved. **Redemption.** Redeeming a token with the issuer is a primary-market process that requires KYC. Gimbal never depends on it. Value is realised through secondary-market auction prices. **Regulatory intervention.** A regulator could force the issuer to rewrite its terms, cut jurisdictions from its list, or stop issuing. ## What a lender is actually holding A Stock Token loan is secured by a claim on the custody arrangement of a regulated broker, not by the share. A lender who would rather end up with the stock than with USDG can set `selfLiquidate` and receive the collateral in kind, and the issuer claim travels along. Tier LTVs and caps together express the protocol's opinion of how deeply that claim should be discounted. A lender who holds a harsher opinion can write a lower `maxLtvBps` into their offer. ## Controls ### Discounted in the tier LTVs Against the share itself a prime broker could in theory advance 80% or more. Tier A stops at 55%. Most of that gap is a discount for liquidity and for the issuer. The calibration absorbs a large issuer haircut before a single slice is impaired. [Tiers and loan-to-value limits](/collateral/tiers-and-ltv.md) has the full table. ### Bytecode inspected before first light The published documentation for Stock Tokens shows no on-chain freeze function. Gimbal does not stop at documentation. Before first light for a market, the token's deployed bytecode is read for any pause, freeze, blacklist or forced-transfer role. The finding is published beside that market on Telemetry, the risk page. If such a role is present, the token's tier LTV and its exposure cap reflect it. ### Proof of reserve on Telemetry When the custodied shares are covered by a Chainlink Proof-of-Reserve feed or a comparable attestation, Telemetry shows it next to the Stock Token market. A market with no such feed says so in plain words rather than leaving the space blank. ### Caps per token and per issuer Each token carries an exposure cap, `exposureCap` in its token configuration, which limits the principal outstanding against it. Because every Stock Token shares one issuer, Telemetry also shows one aggregate number: the protocol's combined exposure to the issuer, Robinhood Assets (Jersey) Ltd. A protocol-wide cap on that number is on the roadmap as a candidate parameter. ### Nothing shared between markets Markets are isolated from each other. An issuer event affecting one Stock Token, or all of them at once, has no path into a market whose collateral is a bridged treasury token. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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