The private bank's last product, unbundled. Fully collateralised, no liquidations.
Joined September 2026
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Good breakdown from @MCGlive. Here’s what it means for you.
Hold stock? Keep it, and protect it. SHIELD puts a floor under your shares for up to 12 weeks. If the stock crashes through the barrier, you sell at the starting price.
Hold USDG? Put it to work. COUPON pays a weekly coupon in USDG for every close the stock holds the barrier. If the stock rallies, the note ends early and your USDG comes back.
No margin, no liquidations, and every series is fully escrowed.
robinhood:0xc4f730335fb9e439ca5552f7b52b8e638c4245b0 is bringing a different approach to stock protection and yield...👀
The protocol lets stockholders protect their positions while USDG holders provide the other side of the trade through pooled, 12-week structured products
• Weekly price observations and barrier levels
determine coupon payments and settlement
• USDG providers can earn a projected 20% APY, while stockholders get downside protection subject to product terms
• No traditional liquidations. Outcomes depend on the stock’s price path and settlement rules
“Stockholders get protection for 12 weeks, while USDG providers can earn a projected 20% APY.”
Notes vs options.
A put protects a stock you hold. A note does it differently, and in a few ways better:
– Premium: a put’s is spent upfront. A note’s sits in escrow and is only charged in weeks the stock holds the barrier. Whatever isn’t used comes back
– Upside: if the stock rallies, the note ends early, the charges stop and your stock comes back
– Crash: if the stock ends below the barrier, you’re paid in full from the starting price
The trade-off: a small dip doesn’t pay out. It’s protection for the fall that actually hurts.
$TSLA on Note Systems, start to finish.
In this clip from our @MCGlive segment, we walk through how the pieces of a note fit together, then run a Tesla trade from both sides: what the stockholder pays, what the $USDG holder earns, and when it all happens.
Shares at $375, barrier at $281. That’s 75% of the starting price, so $TSLA can fall 25% before the protection kicks in.
– SHIELD keeps its $TSLA and pays a weekly premium for a floor at $375
– COUPON earns that premium as a weekly coupon in USDG while Tesla holds the barrier
– Deposits open for five days, the note strikes the next day, then it’s checked at every weekly close
Which side would you take?
robinhood:0xc4f730335fb9e439ca5552f7b52b8e638c4245b0 lets stockholders access downside protection while giving idle USDG holders a chance to earn yield...
For example, a Tesla trade with shares at $375 could set the barrier at $281. The stockholder pays an estimated 0.5% per week for downside protection if Tesla falls, while USDG providers earn a coupon for supplying capital under the product’s terms
The subscription closes after five days, with the trade settling 24 hours later
“You’re paying about 0.5% per week to get that protection here.”
Accrue.
The first way to earn real yield on stocks on-chain without lending, leverage, liquidations or dilution.
Your Stock Tokens and ETFs sit idle today. Accrue puts them to work and pays you back in the same asset.
Every trading day at the close, what your stock earned is added to your position as more shares. Nothing to claim, nothing to compound by hand. Rates are realised, never projected.
Built with @Uniswap v4 hooks, doing something a normal liquidity pool can’t.
Full breakdown tomorrow.
10,000+ people have now used Note Systems on testnet.
150,000+ deposits, $100M+ deposited, 280+ notes issued and 60,000+ note units moved cross-chain since launch on 5 September.
Thank you to everyone taking part! The pre-season runs until mainnet – join in.
Note Systems retweeted
Happy to share, Cyfrin has wrapped our audit of @notesystems’ front-end, the app for their autocallable barrier notes on tokenized US equities.
Read the full report 👇
github.com/Cyfrin/cyfrin-aud…
Our frontend audit with @cyfrin is complete.
No critical or high findings, and all 7 medium findings resolved.
Report: gitlab.com/notesystems/note-…
Our backend audit is in progress. Across 75 smart contracts, no high or critical issues found.
Mainnet is getting closer.
Earn more of the stocks you’re already holding. Real yield, paid in stock.
Built with @Uniswap v4 hooks.
Live on Robinhood Chain.
Coming soon.
Thanks @MCGlive for having us yesterday!
What we covered, plus a sneak peek at a new product:
– What structured notes are, and how autocallable barrier notes work in plain terms
– A live demo and walkthrough of the app
– When a trader would reach for a note, with a worked $TSLA trade
– Where fees go: 90% buys back $NOTE for stakers
– How notes plug into the rest of the stack: borrow against a leg with Credit (powered by @Morpho), move it across chains with Omni (powered by @LayerZero_Core), and our partnership with @longbowlend for notes as collateral at mainnet
– More about the team, and how the @cyfrin audit is going: no high or critical findings, nearly there
– A first look at what we’re launching next, built for tokenized stock holders
Full segment below.
Today on MCG
robinhood:0xc4f730335fb9e439ca5552f7b52b8e638c4245b0 | @notesystems
Note Systems brings private-bank structured notes (autocallable barrier notes on tokenized stocks) on Robinhood Chain
Highlights Include:
00:26 - Guest Background
02:06 - $500B TradFi product
03:12 - First on chain
04:06 - Fair launch on Uniswap auction with no VCs
04:30 - Sniper drained 95% of liquidity
05:18 - Team adds $200K of its own funds
06:28 - How the match works
08:30 - Weekly 70% barrier check
10:14 - About 20% APY
11:51 - Vs perps with no liquidations
13:20 - Protection costs 0.1-0.5% weekly
15:24 - $450B market where banks take the middle
17:10 - Retail and big holders
19:41 - Six figure audit with Cypher
21:13 - Mainnet soon and team anon
24:28 - 90% of fees to buybacks anda stakers
26:52 - Notes plug into @longbowlend
29:49 - Tesla trade demo
32:21 - 4.5% buys 25% protection
35:04 - ETFs and Accrue teased
37:20 - Closing Thoughts
Usage follows utility.
For tokenized stock holders, utility means doing more than holding: earning a coupon while a stock holds above a level, buying protection without selling it, and borrowing against the position.
That’s the layer we’re building on Robinhood Chain.
We’re live on @MCGlive tomorrow at 1:00 PM ET / 5:00 PM UTC.
Structured notes on Robinhood Chain: what we’ve built across Notes, Credit, Omni and Build, 7,500+ users on testnet so far, and a sneak peek at something we haven’t talked about yet.
This Week on MCG, presented by @fomo, @MetaDAOProject
Monday 10/12
12:30 ET - MCG Trader Radio w/@ChillTRD
Tuesday 10/13
12:30 - $UMBRA @UmbraPrivacy w/@Abbasshaikh (@MetaDAOproject eco)
1:00 - $NOTE @notesystems
Wednesday 10/14
12:30 - solana:wdysfTqUsJ8qAVB1796BXgGisThoBzu1keQmdgswdyt @wdytfun w/@alexbasil (@MeteoraEco Eco)
1:00 - $V4 @Programmablehq w/@Hazarxyz
Thursday 10/15
12:30 - $WORM @AgentWormhole w/@Topblaster @juicyscrypto
1:00 - $HOTBOT @usehotbot w/@elijahxbt @whoissmax (@clawpumptech Eco)
Friday 10/16
12:30 - $ORBIO @orbiodotso w/@0x_aster
1:00 - $stonkbroker @clutchmarket w/@oxsimplefarmer
Recordings sub to - youtube.com/@MCG_Live
Notes: mcgsignal.com
Earn trading fees w/@met_lparmy
Convert to solana:USDvUSpnhCr9yBgj3UyVrD239HRUv4RsHwH2FxsWuMk w/@solomon_labs, link in bio
What happens at every close.
Once a week, at the official US close, each live note reads its stock:
– At or above the autocall level: the note ends early. $USDG back, plus that week's coupon.
– At or above the barrier: the coupon is paid and the note runs on.
– Below the barrier: no coupon that week. Missed coupons aren't paid later.
At maturity, below the barrier, COUPON receives the stock at its starting price. That's the protection SHIELD's coupons paid for.
How the $NOTE buyback system works.
Protocol fees buy $NOTE back from holders, paid in $USDG. That NOTE isn't burned. It goes to sNOTE stakers over 7 days, so staking rewards follow real activity on the protocol.
The offer starts at the treasury floor and rises toward a ceiling until someone sells, then resets. Every fill is on-chain.
More in the video walkthrough below.
Structured notes aren't new.
Banks have sold them for decades: income while a stock holds above a level, or protection on a stock you don't want to sell. Private banks built whole desks around them.
What kept most people out was access. Minimums, paperwork and a bank in the middle.
On-chain, the note works the same way. The bank in the middle is just no longer needed.
That's where Note Systems come in – for the first time ever in DeFi.
How the pieces fit together within the Note Systems ecosystem.
At the centre is the note: COUPON on one side, SHIELD on the other, every payment escrowed up front.
– Ways in: the Notes app, the Desk vault, or any app through Build
– Where legs go: Credit, Omni and Bonds
– Where fees go: 90% buys back $NOTE for sNOTE stakers, 10% to the Treasury
– veNOTE holders vote on the rules for all of it.
Robinhood Chain in the Q3 tokenized stocks report from @RWAFoundation_ and @tokenterminal:
– 1.4M new holder addresses, second of any chain
– 30% of tokenized stock DEX volume
– 28.5% of tokenized stock DeFi TVL
Across every chain, DeFi TVL is $257.5M against $3.6B in market cap. Most tokenized stocks are held, not yet used.
That's the gap we're building for: structured notes as a new DeFi primitive, so a stock token can do more than sit in a wallet.
Introducing Build.
Structured notes can now live inside any wallet, app or treasury: as a savings balance, next to a stock you hold, or as collateral in a lending market.
Whoever brings the deposits earns up to half of the fees, paid on-chain.
The frontend report is now public on @cyfrin's own audit repo, so anyone can read every finding and how it was fixed.
0 critical, 0 high, all 7 medium resolved. 47 of 50 findings resolved overall.
Link: github.com/Cyfrin/cyfrin-aud…
The backend audit is in progress. More to come!
Our frontend audit with @cyfrin is complete.
No critical or high findings, and all 7 medium findings resolved.
Report: gitlab.com/notesystems/note-…
Our backend audit is in progress. Across 75 smart contracts, no high or critical issues found.
Mainnet is getting closer.