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SPY / USDG

The proposed MVP starts with one broad-market RWA and one dollar-denominated cash asset. The objective is to prove the two-sided architecture before expanding the asset universe.

Why SPY first?​

  • Broad index exposure is easier to reason about than single-company concentration.
  • Natural demand can exist from holders, hedgers, arbitrageurs and market makers.
  • It provides a clear benchmark for borrow rates, inventory scarcity and execution quality.

Why USDG first?​

  • Provides a common dollar unit for collateral, borrowing, interest and settlement.
  • Is natively available on Robinhood Chain.
  • Creates a focused first pair rather than fragmenting liquidity across multiple stablecoins.

Asset eligibility, legal access, issuer risk and redemption mechanics remain part of the market risk assessment.