Investor overview September 2026

Thirteen slides. What is live, how PARE earns, three projection scenarios with the model behind them, and the risks. Projections are not forecasts.

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Investor overview · September 2026 · Robinhood Chain

The yield layer for tokenized stocks.

PARE splits a Robinhood stock token into the stock and its dividends. Two tokens, two markets, and the only dividend oracle on the chain. Live, verified, under audit.

PARE · parestocks.com
01
The wave

Stocks are moving on chain faster than any asset class before them.

Robinhood Chain TVL
$4M → $1.4B
June to late August 2026. The fastest early growth of any Layer 2 this cycle.
Tokenized equities, worldwide
$2M → $2.5B
June 2025 to July 2026. Now over 15% of all tokenized real-world assets.
Stock tokens on Robinhood Chain
190+
Over $3B of stock token trading volume in the first two months. 54 of them pay a dividend.
Robinhood's direction
200+ US stocks and ETFs launched for EU users in 2025, now migrating onto Robinhood's own chain, trading 24/5.
Where the analysts put it
McKinsey: about $2T of tokenized assets by 2030. BCG: $16T. Either number makes today's $38B a rounding error.
What is missing
Every one of those stock tokens carries a dividend nobody can trade, price, or lend against. That gap is PARE's market.
Sources: DefiLlama, Robinhood Chain explorer, RWA.xyz and industry reporting, August to September 2026. Figures move daily.
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02
The gap

A stock token on Robinhood Chain reinvests its dividend into a multiplier. Nothing on chain could see it. Until PARE.

No yield market

The dividend lands inside the token as a multiplier change. There is no token for it, no price for it, and no way to buy or sell it on its own.

No collateral market

A lender cannot tell a dividend from a stock split. Both look like the same multiplier move. So no protocol could safely list a stock token as collateral.

No fixed income

Nobody could buy the stock without the dividend at a discount, which is the oldest fixed-income trade there is. Treasury STRIPS are a multi-trillion-dollar version of it.

PARE fills all three with one split. A principal token, a yield token, and an on-chain accountant that classifies every multiplier change so lenders can trust the price.

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03
The product

One stock token in. Two tokens out. Always worth the stock together.

pAAPL · the stock, delivered at maturity99.6%
0.4%

1 AAPL at pool prices, September 2026. On PFE the yield token is over 9% of the share.

PRINCIPAL · pAAPL

The stock, discounted. Trades under the stock because the dividends were cut away. Redeems the full position at maturity. A fixed rate on Apple, on chain.

YIELD · yAAPL

The dividends, alone. Every dividend the position earns before maturity, for a fraction of the share price. Pure dividend exposure with no leverage and no liquidation.

Merge is the anchor: pAAPL + yAAPL always recombines into AAPL, in full, free, at any time. That free exit is what keeps both tokens honestly priced.
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Live today, not a roadmap

Deployed, verified, trading, and under audit.

Series live
4
AAPL, SPY, QQQ to Mar 2027 · PFE to Mar 2028
Lending market
1
pSPY / USDG on Morpho Blue. The first stock-token collateral market on the chain.
Tokens on the oracle
9
AAPL SPY QQQ PFE SCHD NVDA MSFT SGOV JNJ. One transaction to add the next.
Days since launch
4
24 splits, $18k of stock split, treasury seeding every pool.

Audit

Pashov Audit Group, four senior auditors, 7 to 9 September. Report public when it lands. Contracts frozen until then.

Verified on chain

Every contract, every series, verified on Blockscout. The site reads everything it shows from chain.

Keeper and oracle

Every multiplier change classified within a minute. Anything outside the dividend or split bands halts the market instead of guessing.

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05
How PARE earns

Four revenue lines. Two live today, two unlocked by the audit.

10 bps
Split fee · live

On every split, taken in the stock. Merge is free.

5%
Yield fee · live

Of the dividends a yield token collects, at redemption.

Vault
Performance fee · after audit

A PARE-curated USDG vault lending into every p-token market. Fee on lender interest.

Pools
LP fees · live

0.05% on principal pools, 1% on yield pools. The treasury is the largest LP today.

Same fee design Pendle used to reach $40M a year on crypto yield, pointed at an asset class Pendle cannot touch.

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06
Projections · protocol revenue per year · three scenarios

If stock tokens keep coming, PARE's revenue compounds with them.

Steady · stock tokens on Robinhood Chain reach $1B by year 3, PARE splits 5% of them
Strong · $5B on chain, PARE splits 10%
Breakout · $20B on chain, PARE splits 15%
For scale: tokenized equities grew 1,000× in the last year. Robinhood Chain grew 350× in two months. $20B on one chain by 2029 is inside every analyst curve.
Projections, not forecasts. Illustrative scenarios from the assumptions on the next slide. Not a guarantee of any outcome and not investment advice. Results depend on Robinhood's roll-out, adoption, and factors outside PARE's control.
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07
The model · one assumption times fees that are already deployed

Strong case, year by year.

Split volumesupply × share split × 3 turns a year
Split feevolume × 0.10%
Yield feeoutstanding × 1.5% yield × 5%
Vault feeoutstanding × 30% posted × 50% LTV × 4% × 10%
LP fees to treasuryvolume × 0.05% × 25% of the pools

Turns: a unit of stock is split about three times a year as positions roll, re-split, and rotate between series. Yield 1.5% is a blend of SPY, QQQ, AAPL and PFE. Vault inputs mirror the live Morpho market.

Projections, not forecasts. Assumptions are PARE's own and may prove wrong in either direction. Not investment advice.
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08
$PARE · what revenue does to the token

Protocol revenue is designed to buy $PARE and burn it. More splits, less supply.

Burn

Fees from every series market-buy $PARE and burn it. No staking contracts, no lockups, no emissions. Usage shrinks supply.

Govern

Which stock splits next, at what cap, and when. The dividend heavyweights are the obvious ballot.

Hold

Fee discounts on splits and priority capacity when a series cap fills. Using the protocol and holding the token compound each other.

Buyback figures assume half of protocol revenue is routed to buy-and-burn, at the treasury's discretion. $PARE is not a share and not a claim on revenue. Contract 0x15d36b6a28d8327abc7afabf0f106ae2c9af5c4d, the only one. Not investment advice.
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09
The lending market

Every dividend stock needs an oracle before it can be collateral. PARE built it, and it is free to read.

Dividend-paying stock tokens today
$64M
54 tokens. None can be collateral anywhere without a dividend-aware price.
First market, live
pSPY
/ USDG on Morpho Blue. Chainlink feed × pool price, capped at par, halts when a change is unclassified.
Cost to add a token
1transaction
No capital. Any lending protocol on the chain can read it.
  • Principal tokens are better collateral than the stock. No dividend jump, a known redemption date, a discount that closes to par on a schedule.
  • Outside lending opens after the audit report. Then a PARE-curated USDG vault, with curators already in conversation, lends into every p-token market at once.
  • Series follow the oracle. NVDA, MSFT, JNJ and SGOV are already classified and become series as pool depth allows.
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10
The comparable · Pendle

Pendle proved the model on crypto yield. PARE runs it on stocks.

Pendle · launched June 2021PARE · launched September 2026
Year one$38M TVL peak, under $4M by mid-2022. Bear market. Revenue well under $1M.Strong case $28M split, revenue.
Year two$10M to $100M as liquid staking took off. Revenue in the low millions.Strong case $140M split, .
Year three$234M to $1B in six weeks. Restaking wave. $40M annualised revenue the year after.Strong case $500M split, . Breakout case $3B split, .
Today$1.2B TVL, about $20M in trailing-year fees, 14 chains.Four series, one lending market, day four.

Pendle waited two years for liquid staking to arrive. PARE's wave is already here: tokenized stocks are the fastest-growing real-world asset on chain, and Robinhood is shipping them onto the chain PARE runs on.

Pendle figures from DefiLlama and public reporting; early-year revenue estimated from its fee rate. PARE figures are projections, not forecasts. Not investment advice.
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11
Next six months

Audit, open lending, the vault, then a series for every dividend stock on the chain.

SeptemberPashov audit · fixes · public report
OctoberOutside lending opens on pSPY / USDG · pAAPL and pQQQ markets
Q4 2026PARE-curated USDG vault · NVDA, MSFT, JNJ, SGOV series
Q1 2027First maturities settle in March · second-term series roll · listings vote
2027Every dividend-paying stock token on Robinhood Chain covered by the oracle
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12
Risks, plainly

What could go wrong, and what is already done about it.

  • Smart contract risk. Unaudited until the Pashov report lands. That is why outside lending is closed today.
  • Issuer risk. Tokens are issued by Robinhood Assets (Jersey) Ltd. PARE composes over them and does not control them.
  • Liquidity. Pools are young and prices can gap. The oracle uses a 30-minute average and a parity cap.
  • Regulatory. Tokenized stocks are new. Availability follows Robinhood's.
  • Adoption. Robinhood Chain's growth has so far been led by memecoins and stablecoin yield; stock tokens are 6% of TVL. PARE's case rests on that share rising.
This document is for information only. It is not an offer and not investment advice. It contains projections that are not guarantees.
PARE · parestocks.com · @PareStocks
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Every projection on this page is illustrative and depends on assumptions stated on the slides. Nothing here is an offer, a forecast, or investment advice. $PARE is not a share and not a claim on revenue. The only $PARE contract is 0x15d36b6a28d8327abc7afabf0f106ae2c9af5c4d.