Many markets.
The same capital.
Each Reserve Asset participates in pair and basket trades within one pool. An order can pay several assets and receive several others.
Multi-asset exchangeTESTNET Explore USD.cav on Robinhood Many assets.
Many assets.
One pool.
Onchain portfolios. Active trading markets.
Own exposure to tokenized stocks, stablecoins, and real-world assets. Put the portfolio’s capital to work in markets that generate trading income. Trades pay for the assets they receive at post-trade prices.
Explore quotes directly in the stablecoin testnet.
FROM TOKENIZED ASSETS TO TRADABLE PORTFOLIOS
Stocks are individual assets.
Investors think in portfolios.
Hold a pool token for exposure to the portfolio. Its assets also support active trading markets, creating a source of income alongside that market exposure.
Multiswap supplies the exchange and accounting structure. Asset issuers supply the tokens and define what they represent.
Explore tokenized-stock and RWA use casesTokenized-stock markets are a use case. The current public testnet entry point is USD.cav.
THE FIRST PORTFOLIORobinhood Testnet
USD.cav
CAV USD Index
A portfolio of stablecoins.
One token representing the pool.
USDC
USDT
DAI
USDS+ moreIllustrative reserve assets. Explore the pool for its current composition.
MEET USD.cav
A stablecoin portfolio
you can trade through.
USD.cav brings dollar-linked assets into a shared pool. Trade between its Reserve Assets, or provide proportional liquidity to receive the pool’s LP token.
The LP token represents the portfolio’s backing. Trading generates fees in Rewards, and the pool’s distribution rules determine LP income. The stablecoins retain their own issuer and price risks.
Explore how USD.cav worksHOW IT WORKS
One coherent market.
Reserves, prices, and portfolio weights follow the same accounting model.
Many markets.
A portfolio that
moves with trades.
Trades change reserve quantities and accounting scales together. One pool elasticity governs that relationship; asset weights are derived from scale.
Reserves, scale, and priceExchange at the
ending pool prices.
Trades pay the pool the full value of the assets they receive, valued at post-trade prices. Trading fees generate income on top.
How a trade is pricedPORTFOLIOS AS BUILDING BLOCKS
A pool token can
join another pool.
An LP token can be registered as a Reserve Asset elsewhere. That makes it possible to build portfolios of portfolios, each with its own composition and trading market.
Understand pool compositionUSD.cavStablecoin portfolio
FX.cavCurrencies
COM.cavCommodities
EQ.cavEquities
AGG.cavAggregate portfolio
Illustrative architecture. The current Robinhood app manifest publishes USD.cav.
START WITH A QUOTE
Meet your first
multi-asset pool.
Open USD.cav, build a basket, and inspect how the trade changes the pool.
Explore USD.cav