How do you spend against your stocks without selling them?

How is a draw different from a sale?

A sale closes the position and hands you cash. A draw leaves the position where it is and adds to a balance you repay over time.

Selling is what creates a taxable gain, and spending against your holdings does not sell them. The position keeps the exposure you chose, up and down.

What counts today?

Today the rail backs USDC, and other assets are counted as the rail adds them. Gether is built for stocks, crypto and cash, and the account shows what each counts for before you deposit it.

What is a haircut?

A haircut is the share of an asset's value held back before it counts toward your spending power. Cash takes a small one, and a stock held as a token takes the largest haircut of the three when it is counted.

The part held back is the cushion. It lets a price fall before your spending exceeds what your collateral supports.

What happens when prices fall?

Your spending power falls with them. As the cushion thins the account says so, at the required level new charges are declined, and collateral can be sold to cover what was drawn, at market prices and without notice.

Repaying part of the balance or depositing more restores headroom at any step.

What do you owe?

Drawn balances have to be repaid, whatever the market does. A fall in prices reduces what the account can support, and what has already been drawn stays owed.