Lending

Mobius lending pools provide a common source of credit for portfolios that span onchain assets and integrated trading venues. Pools live on Robinhood Chain and lend to Credit Accounts, not directly to individual venues.

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Pool Model

Each pool:

• accepts a defined set of assets from lenders;
• issues pool shares representing each lender’s claim;
• lends only through the Mobius credit system;
• accrues interest as debt remains outstanding; and
• supports withdrawals when sufficient pool liquidity is available.

Lenders receive interest paid by Credit Accounts. They do not need to choose which external venue receives a particular account’s execution flow: the Credit Account and its global risk controls stand between the pool and every venue.

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Non-Rehypothecation

Collateral posted to a Credit Account is not supplied to another borrower. It remains within the account’s controlled portfolio: held directly on Robinhood Chain or allocated through an authorized Venue Account. This separates the two sides of the lending market:

• lender deposits supply debt capital; and
• borrower collateral secures that debt but is not added to the lendable pool.

The distinction keeps collateral attributable to its Credit Account and available to the portfolio’s unwind and liquidation process.

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Markets

A Mobius market defines the assets accepted by its lending pools, the collateral permitted in its Credit Accounts, and the risk parameters connecting the two. Its parameters include:

• the asset set accepted by each lending pool;
• permitted Credit Account collateral;
• integrated venues and recognized venue assets;
• price and state inputs;
• collateral and liquidation thresholds; and
• strategy categories eligible for specialized risk treatment.

Robinhood Stock Tokens are a canonical form of onchain RWA collateral. Their admission, valuation, and borrowing power remain specific to the market that supports them.

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Credit and Portfolio Risk

A pool extends credit to the Credit Account as a whole. The account’s ability to borrow depends on one global Health Factor that includes direct onchain assets, authenticated Venue Account equity, and all outstanding pool debt. Venue equity receives conservative collateral treatment. Stale, unavailable, or unrecognized venue state cannot increase an account’s borrowing power. Likewise, a hedge improves risk treatment only when it remains inside the constraints of an approved strategy. These rules allow one lending relationship to finance several execution venues without turning venue-reported balances into unconditional collateral.

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Interest Rate Model

Borrowing rates respond to utilization for each asset in the pool. For asset $a$: $$Utilization_a = \frac{Outstanding\ Debt_a}{Supplied\ Liquidity_a}$$

• At low utilization, the asset’s rate remains lower to encourage borrowing.
• As utilization rises, its rate increases to attract liquidity and encourage repayment.
• Above the kink, the curve steepens to protect that asset’s withdrawal liquidity.

Interest accrues to the account’s debt and therefore enters the denominator of its global Health Factor.