Collateral haircuts

Collateral haircuts · Bursar

Collateral haircuts

A mandate in the collateral lane can borrow USDG against stock and treasury tokens it has posted. Each token counts at its market price less a haircut, and the haircut is wider outside market hours. Every figure on this page is read from the contracts.

Haircut tiers
Tier	Market hours	After hours	Assets
1. Treasury fund	5%	10%	SGOV 0x92FD…F9B5 now 10%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken.
2. Index fund	20%	35%	SPY 0x117c…4C0C now 35%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken.
3. Single stock	30%	50%	NVDA 0xd060…9EEC now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. AAPL 0xaF3D…93f9 now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. AMZN 0x12f1…bF54 now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. BABA 0xad25…a1c4 now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. COIN 0x6330…450b now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. CRWV 0x5f10…49C3 now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. DELL 0x941A…11Dd now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. GOOGL 0x2e08…4FE3 now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. META 0xc0D6…2f35 now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. MSFT 0xe932…2e74 now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. ORCL 0xb099…EE03 now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. PLTR 0x894E…4F2A now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. SPCX 0x4a0E…5eEa now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. TSLA 0x322F…3b2d now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken. USO 0xa30F…D344 now 50%, after hoursNot counted toward borrowing right now. The price check’s last reading of its pool is more than 1 hour old. A new reading counts 5 minutes after it is taken.

Contracts: vault 0xe8e2…80f7, credit pool 0x06b3…1E4B. Read at 2026-11-14 17:01 UTC.

How a position is valued and protected

The rules the vault applies to every position, in the order they matter.

Each token counts at its amount times its Chainlink price. The price already includes the token’s distributions, so nothing is added on top.
A position counts as zero while its price is older than 100 hours, while the token, its price feed or Robinhood’s access registry is paused, or while the token’s pinned pool trades outside its band of the price. Nobody can borrow against it then, and any sale of it waits until the price is fresh and the pool agrees with it.
After hours means outside the US equities 24/5 session (Monday 01:00 UTC to Saturday 00:00 UTC), or any time a price has not updated for 26 hours, which covers exchange holidays. The after-hours haircut then applies and health drops.
Borrowing against a position also needs the price check’s two latest readings of the token’s pool to agree with the price: one taken between 5 minutes and 1 hour earlier, and the newest one. A price that has moved more than 15% since the earlier reading halts borrowing until a new reading stands behind it. Sales wait for the same readings, and health is unaffected. A keeper takes a reading every few minutes.
Borrowing and withdrawals are checked at the after-hours haircut, whatever the time. A payment can borrow, and collateral can be withdrawn, only while collateral valued that way stays at or above 1.25 times the debt, so a line drawn during market hours does not fall under 1.00 when the market closes.
Health is collateral after the haircut that applies now, divided by debt. It counts a position whose pool is out of line at its price, so a pool pushed away from the price cannot hide collateral from the check. Below 1.00, anyone can sell part of one asset through its pinned Uniswap pool to repay the debt. The sale stops at the slice that brings health back to 1.05, and the seller keeps 5% of the proceeds. It has to find the pool inside its band before and after the trade, so a stale price or a pool out of line holds the sale until they agree.
A line left with nothing that can be sold has its remaining debt written off. The vault seizes what the line still holds, up to the debt’s value, for the lender to claim, and the lender carries any shortfall in USDG. Stakers are slashed in BRSR for that shortfall, at the buyback’s price ceiling and within the pool’s slash allowance.
Only a mandate in the collateral lane can borrow. A prefunded mandate spends the USDG it holds and nothing more.