pPFE now trades for dollars. Here's what that opens up.
Robinhood Chain is the fastest-growing chain of this cycle: $34 billion traded in its first two months, more than 190 stock tokens, $3 billion of stock-token volume. A lot of those stocks pay dividends. Until this month, nobody on the chain could do anything with a dividend except sit and wait for it.
PARE fixed that. You can lock a dividend in, sell it today, bet on it, borrow against it. But every one of those needed one thing we didn't have: a place where the tokens turn into dollars.
Today it exists. pPFE / USDG is open on Uniswap.
What went live
A pool where pPFE, the fixed-rate half of a Pfizer share, trades against USDG, the dollar on Robinhood Chain.
Right now one pPFE costs about 25.57 USDG. A PFE costs about 27.58. On 31 December 2027 every pPFE turns into a full PFE. That gap, about 7%, is the fixed rate: about 6% a year, in shares, locked for fifteen months.
We opened it with about $11,000 of our own pPFE and USDG, on the 0.3% fee tier, the same tier the PFE / USDG pool uses. Every trade through it pays that 0.3% to whoever has liquidity in it.
Why a dollar pool matters
Until today, a fixed rate on a stock meant owning the stock first. Buy PFE, split it, hold the pPFE. Three steps, and step one was the hard one. Most money on the chain isn't sitting in stocks. It's sitting in stablecoins, because that's where the lending vaults, the incentive programmes and the trading bots keep it.
Now anyone with USDG buys 6% fixed on Pfizer in one swap. No stock, no split, no new thing to learn. That's a whole new type of buyer, and it's the deepest money on the chain.
It works the other way too. Everything PARE lets you do with a dividend ends with someone needing to turn a pToken back into money. A lender liquidating collateral. A launchpad pairing against pPFE. A bot that bought the discount and wants out. Until today the only place that could happen was a pool we filled ourselves, priced in stock. Now there's a dollar exit that other people can fill. Every bigger use of pTokens was waiting on this.
The problem PARE solves, in plain words
When Pfizer pays a dividend, your PFE token doesn't get any cash. It just quietly becomes worth a bit more. You can't sell the dividend. You can't trade it. You can't lend it. And on chain, a dividend and a stock split look exactly the same, so no contract can even tell what just happened.
The dividend and the share price are glued together. Every big yield market in crypto exists because someone unglued income from an asset. Staked ETH got that. Stablecoin yield got that. Tokenized stocks are only getting it now, and step one is telling a dividend from a split on chain.
We built that. It's audited. It's live, with a fifteen-month fixed rate, not a three-month one. Everything else here sits on top of it.
The split, in one picture
Put one PFE into PARE and you get two tokens back.
pPFE is the share with the dividends removed. On 31 December 2027 it turns back into a full PFE. Until then it trades cheaper than PFE, about 7% cheaper today.
yPFE is only the dividends. Every dividend Pfizer pays until that date, in one token.
Want your PFE back? Put the two together, any time. Done.
pPFE now trades for dollars. yPFE trades against PFE. pSPY is collateral on Morpho.
What the pool lets you do
Buy a fixed rate with stablecoins. Swap USDG for pPFE, hold it, get a full PFE on the date. About 6% a year, in shares, locked to December 2027. If Pfizer cuts the dividend, you still get yours.
Provide liquidity and keep the dividends as a token. One click on the LP page splits your PFE, puts the pPFE in the pool as a normal Uniswap position you own, and leaves the yPFE in your wallet. Same price exposure to Pfizer as a PFE / USDG position, since pPFE tracks PFE at a discount that closes to zero on the date. The difference is that the dividend leg is a separate token in your hand: sell it today for fifteen months of dividends up front, or hold it and collect them at the date.
Take the dividends now. Split your PFE, sell the yPFE, and fifteen months of dividends land in your wallet today. You still hold pPFE, which is still a full PFE at the date, and it now has a dollar market if you ever want out early.
Bet on the dividend. yPFE costs about 7% of a share and collects 100% of the dividends. If Pfizer raises the dividend 10%, yPFE moves about 10%. A pure bet on a dividend, with nothing else attached.
Borrow without selling. Put pSPY on Morpho, borrow USDG at under 1%, keep your upside.
Launchpads and locked liquidity. When a token launches and graduates, its liquidity gets locked or burned forever. If that pool holds PFE, every dividend Pfizer pays from then on is locked inside with it. Split first, and the pool holds pPFE while the yPFE sits outside the lock. Same locked liquidity, and the dividends are a token the project can airdrop, raffle or keep. A pPFE with a dollar market is one a launchpad can actually pair against.
How PARE makes money from this
Every single use above starts with a split. Every split puts stock in the vault, pays the protocol 10 basis points, and puts a yield token into the world. Every yield token pays the protocol 5% of the dividends it collects.
The pool is what lets that grow past our own money. Deeper pool, more uses. More uses, more splits. More splits, more fees. We seeded it from treasury with the highest-yield stock we run. From here it runs on other people's money, and it earns on real companies paying real dividends, not on tokens printed to keep a farm alive.
Why now
On 17 September the SEC opened a five-year path for real tokenized US shares to trade on chain, and it requires those shares to pay the same dividends as the real stock. Tokenized stock is about to get much bigger and pay real dividends by law.
Every one of those shares needs the same three things: a fixed rate, a way to trade the dividend on its own, and a dollar pool to get out through. As of today we run all three on one stock, and adding the next stock is one deployment, not a rebuild. The market is coming to a product that's already built.
What's proven
Seventeen days from launch, with deposit caps on and the audit still running: about $39,000 of stock split across 47 splits and 22 wallets, $11,500 of liquidity from seven wallets that aren't ours, and the first outside lender and borrower on the Morpho market. Pashov Audit Group reviewed the core: no critical or high findings, every medium and low fixed and re-checked. Caps are off. The audited build has been live since 18 September. That's what it did with the handbrake on.
What's next
Dollar pools on the stocks that pay. A Treasury-bill ETF series is already deployed and gets its pool after its first monthly payout is confirmed by our oracle. UPS pays about 6.5% and comes after.
Then the Uniswap v4 hook, which pays liquidity providers in dividends. Pools have to pay people to park money in them. Today they pay in tokens they print themselves, and everyone sells those the second they get them. We can't hand out Pfizer's cash either. But we can hand out yPFE, and one yPFE is a claim on every dividend one PFE pays until December 2027.
The hook is a small contract attached to the pool. Someone puts yPFE in it and sets a schedule, say 1,000 yPFE over 90 days. The hook watches every add and remove of liquidity, so it always knows who has how much in the pool, and credits the drip to LPs in proportion. Example: the pool has $100k of liquidity and you have $10k in it. You're credited 100 yPFE, about $200 at today's price, and a claim on the dividends of 100 PFE until December 2027. Claim whenever you like.
Who fills the jar? Us from treasury. A project launching a stock-paired token. An ecosystem incentive programme. Every yPFE they hand out came from a split through our vault. You can only pay people in dividends if someone made the dividend a token. On Robinhood Chain, that's us.
The number to watch is stock in the vault. Everything above makes it grow with other people's money, not ours.
Read before you use it
The pool itself is a standard Uniswap v3 pool. The one-click contract behind the LP page is deployed, verified, and in review with our auditors, not yet signed off. It holds nothing between transactions and only ever asks to approve the exact amount of that one transaction. Use amounts you're comfortable with until the review lands. Price risk in the pool is the same as any PFE / USDG position. A yield token is worth nothing after maturity if you don't redeem it; the page shows the date. Not investment advice.