Spend from what you hold. Keep holding it.

1. 01

   Deposit what you hold.

   Tokenized stocks, crypto and cash arrive in one account and are valued together. Depositing commits nothing: a position counts toward spending only once you choose to lock it, and an unlocked position counts for nothing at all.

2. 02

   See what each asset counts for.

   Every locked asset is valued and then takes a haircut, so it counts for a share of its value rather than all of it. What is left, added across every asset, is your spending power. It is shown before you tap, and it moves with the market.

   The share each asset counts for today+

   USDC, cash

   90% of its value

   WETH, ether

   70% of its value

   CBBTC, bitcoin

   70% of its value

   AAPLX, a tokenized stock

   50% of its value

   These are the rates the collateral catalog applies now. They can change, and an asset the catalog does not carry cannot be locked at all. Neither is promised in advance.

3. 03

   Tap.

   A charge is checked against your spending power and against the health guardrail, then approved or declined. An approved charge is drawn against your collateral: your drawn balance rises by the amount, and you repay it over time. A drawn balance carries a cost, which the pricing page states.

4. 04

   Nothing is sold.

   Your positions stay in the market with the exposure you chose. Spending does not close them, and it does not itself realise a gain or a loss. The one case in which a position is sold is the one described below, and the whole guardrail exists to keep you away from it.

A haircut is the share of an asset's value that is held back before it counts toward your spending power. Cash takes a small one because it does not move; a single tokenized stock takes a large one because it moves the most. The part held back is the cushion: it is what lets a position fall in price without your spending immediately exceeding what your collateral supports. A haircut is not a fee and nothing is taken from you. It is only the difference between what a position is worth and what you can spend against it.

The warning

Your account health is your locked collateral divided by your drawn balance. As it falls toward the required level the account is marked as in Watch: nothing is declined yet, and the cushion is thin. Repaying part of the balance or locking more of what you hold restores it, and both work at once.

The decline

At the required level new charges are declined. Nothing is sold at this point. The account is waiting for you to cure it.

The sale

If the account stays at the guardrail and is not cured, collateral is sold to cover what has been drawn. That sale is at market prices and on the market's timing, not yours. It realises whatever gain or loss the position carries at that moment and may have tax consequences. The account agreement governs the order and the notice.