Yuzu Money
Tokenized Equities Vaults
Listed equities are about $152tn. Tokenized equities are $3.6bn, 0.2 basis points of that, and almost none of it touches DeFi: $1.7m is borrowed against it on Morpho on Robinhood Chain while the same names trade $525bn a quarter on perp venues. Holders earn nothing on the asset, and the lending markets that could pay them have almost no supply.
To earn DeFi yield on a stock, a brokerage customer opens a wallet, keeps a seed phrase, bridges, buys the token on a DEX, then learns what a wrapper, a vault share and a liquidation threshold are. Every step loses people.
A prime broker lends against a portfolio on a phone call. Perp venues give 20x on single names and 50x on the index, no wallet needed, $525bn a quarter. Securities lending, the only yield on a holding, goes mostly to the broker. The holder earns nothing on the position.
The markets exist. Morpho on Robinhood Chain lists 32 stock tokens against USDG with Chainlink oracles; the SPY market holds $1.0m at 0.2% utilisation and 27 of the 32 hold about $100 of seed. NVDA's deepest pool is $0.9m against $87m of perp open interest on one venue. Supply has not arrived, so there is nothing to borrow against.
Yield on Tokenized Stocks. The holder keeps the full exposure and earns DeFi yield on top of the dividends. SPY returned 10.2% a year over the 30 years to October 2026 with dividends reinvested, $1 to $19. The Tokenized Stocks Vault adds 3% a year on the same position: $1 to $42.
Deposit the stock token. The vault borrows USDG against it on Morpho, redeposits at a higher rate and keeps the loan at half the collateral value. The holder keeps the stock and receives the spread. A second vault hedges the stock on a perp venue and pays dollar depositors the spread plus funding.
The vaults belong in every stock trading app and neobank, next to the Buy button. The holder buys the tokenized stock and it earns from the same day, without a wallet, a bridge or a DeFi interface, the same way a cash balance earns interest in the app.
Earn +3%We are not waiting for holders to move their stocks on chain and earn. That adoption is real but slow. The USDG Equity Basis Yield Vault bootstraps the stock vaults instead: it takes USDG, buys the tokenized stocks, deposits them and hedges them on a perp venue. Depth exists from day one, before the first stock holder deposits.
Long equities, short perp, earn funding. Deposit USDG; the vault buys tokenized GOOGL into the Tokenized Stocks Vault and shorts GOOGL on a perp venue at 4x. Delta neutral.
Deposit tokenized spot to earn yield. The vault borrows USDG on Morpho against the stock, redeposits it at 8%, and holds a 50% loan-to-value. You keep the stock.
USDG basis vault, about 11% a year on GOOGL today. Raises TVL from stablecoin holders.
Every basis-vault dollar buys stock tokens into the stocks vaults. Depth on Morpho and in the DEX pools follows.
Vaults offered to every stock trading app and neobank as a one-tap Buy and Earn on the holdings screen.
Robinhood's stock tokens are created at net asset value only through the authorised participant. Yuzu sources inventory at primary through Bitstamp, Robinhood's exchange, so it onboards there as an institution. The Robinhood Chain DEX pools are the secondary route and the fallback for size.
Robinhood issues the stock tokens and runs the chain they live on. Morpho is there with Chainlink-oracle markets for the main names, Steakhouse runs a $538m USDG lending vault, and Lighter lists perps on the same tickers. Yuzu has borrowed on Robinhood Chain since its first week and is the largest borrower in its two biggest stablecoin markets; the relationships, keepers and monitoring are in place.
Track record. Yuzu runs levered carry fully on chain across 13 chains: $14.7bn of money-market flow through 158 markets and 6,303 rebalances in year one, a top-five borrower in every Morpho market it uses. First on Robinhood Chain, $341m through Morpho there since 2 July 2026 and the largest borrower in its two biggest stablecoin markets; nearly a third of all Aave borrowing on Arc and a quarter on X Layer. 6.7% of circulating USDe and sUSDe and 4.3% of circulating USDG sit in Yuzu strategies; EtherFi EarnUSD allocates 15% to Yuzu Alpha; positions attested by Accountable. Founders from Morgan Stanley, JP Morgan, a $3bn hedge fund and a large technology company.
Protective stack. Every key, transaction and market in the loop sits behind two systems Yuzu already runs.
Vault admin and keeper keys are MPC key shares in Fordefi, never a hot key on a server. Transaction policies fix which contracts, functions, amounts and counterparties each key may touch. The API signer lets keepers rebalance every block with no human in the loop, inside those policies; every transaction is simulated and logged before it signs.
Hypernative watches the vault contracts, Morpho markets, oracles and perp venues in real time and holds a pauser on the vaults. An oracle deviation, a market exploit or an abnormal flow pauses deposits and new borrowing before a keeper acts on bad data. Venue policy everywhere: the venue runs Hypernative, or grants a pauser wired to Yuzu's.
