Hold a tokenized stock and you hold two things at once: the shares, and the dividends they quietly reinvest for you. SplitStock hands you each one as its own token, so you can sell one and keep the other. Put the pair back together whenever you want your stock back.
One token, locked. Everything you own in one piece.
Pull it apart. The long arms are your shares. The short one is the dividends they will pay.
Two markets. Each half trades on its own, and the pair always goes back together.
These tokens never pay you cash. When Apple pays a dividend, the token buys more Apple with it, and your 100 tokens quietly become worth a little more than 100 shares. Your balance on screen does not change. What each token is worth does. That growth is the only thing SplitStock separates out.
lock d raw tokens while the multiplier reads M₀
a = d × M₀ the share count you brought
mint a of P
a of Y
at maturity the multiplier reads MT
P redeems a / MT raw
Y redeems a × (1/M₀ - 1/MT) raw
=============================
together, exactly d
The stock token publishes one number saying how many shares each token is currently worth. Robinhood moves it when a dividend is reinvested. That number is the whole mechanism.
So the vault never asks anyone what Apple is trading at, and never takes anyone's word for what was paid. It reads that one number and divides. Whatever the two legs are owed, they always add back up to the deposit.
Robinhood's own documentation: the platform "manages dividends and stock splits through an onchain multiplier, which adjusts the shares-per-token ratio while keeping your raw balance static until redemption."
Nothing below is typed into this page. Your browser asked Robinhood Chain for every one of these numbers when the page loaded, and it asked the contracts for their own names too, so no row can be mislabelled. If the chain does not answer, you get a dash instead of a guess.
Here is one real wallet holding this stock. Its balance has not moved. What that balance is entitled to has. The difference between the two lines is dividends that were reinvested for it.
| Token | Name | Multiplier | Step so far | Effective | Ever moved |
|---|---|---|---|---|---|
| Reading Robinhood Chain | |||||
This is the tradeable set, not the whole chain. Robinhood lists far more stock tokens than have a USDG pool worth splitting against.
Only as much as the dividends paid before it expires. Guess how much the stock will pay each year and this works out what each half of one token gets back. Fair warning: on these tickers the answer is a fraction of one percent.
This is arithmetic on the two inputs above and the live multiplier. The rate is
your assumption, not a measurement and not a forecast. It compounds as
MT = M₀ × (1 + r)^T, which is what reinvestment actually does to this number.
A stock split also makes each token worth more shares, and it arrives looking exactly like a dividend. Get that wrong and a four for one split would hand three quarters of somebody's stock to the yield token. This belongs on the front page, not in a footnote.
Apple splits four for one. Every token is now worth four times the shares, at a quarter of the price each, so you are no better off. But to a vault that cannot tell a split from a dividend, it looks like an enormous payout, and three quarters of your stock goes to the yield token.
Dividends are tiny and splits are enormous, so the vault sorts them by size. Anything under 5% is a dividend and goes to the yield token. Anything at or over it is treated as a split and passes straight through, leaving your shares exactly as they were.
Reading the recorded steps from the chain.
Deposit a stock token into the vault for a chosen maturity. It mints you matched P and Y against the share count you brought, and records the multiplier it read on the way in.
Both are plain ERC-20s. Sell the yield leg to somebody who wants the distributions and keep clean price exposure, or buy the yield leg on its own and take a view on the payout without taking one on the stock.
Hold both and burn them together at any time to take the stock token back. That door never closes. Hold only one and wait: at maturity each leg redeems its own side of the split.
Four things. The first two are the reason to be sceptical, and they are on this page rather than buried somewhere you would have to go looking.
The tradeable universe here is low-yield US technology. There is no high-dividend name to split.
The AAPL vault is deployed at 0x45b7e8…e4d4 and holds real tokens. There are 41 tests behind it and a full round trip proven on mainnet. That is still not an audit, and nobody outside this project has read the code. It covers one ticker at one maturity.
updateMultiplier is access controlled and Robinhood holds it. If it never moves, Y expires worth nothing and that is the trade working as written. If it moves for a reason the vault's threshold classifies wrongly, value lands on the wrong leg.
Robinhood can pause these tokens, block an address from moving them, or burn them outright. Those powers point at the vault's balance exactly as they point at your wallet. Every tokenized stock works this way and no vault design can undo it.
Yes, and you do not need to find a buyer. If you still hold both halves, burn them together and the vault gives your stock straight back. That works on day one and every day after.
Along the way. You can claim whatever has built up at any time. If you sell the token, what you earned while holding it is settled first and stays yours, so the buyer only gets what accrues after that. Otherwise two identical Y tokens would be worth different amounts and the thing could not trade.
Honestly, today they mostly would not. Apple pays about a quarter of a percent a year here, so the yield half is worth well under one percent of the stock. It gets interesting the day something with a real dividend gets tokenized. The plumbing works now either way.
Size. The biggest dividend these tokens have ever paid moved the number by 0.06%. A split moves it by 300%. The vault draws the line at 5%, which sits nowhere near either, so there is nothing for it to get confused about. That would not hold on an asset with big lumpy payouts.
Any token that answers uiMultiplier(). The table above reads all of them that also have a live USDG pool, and marks each one moved or flat from its own response rather than from a list kept on this page.
Net. Robinhood reinvests whatever is left after tax is withheld, and the yield token pays out exactly what was reinvested. Nothing in the design guesses at a tax rate.
Deposit tokenized equities. Split them into independently tradable price and yield positions. Burn the pair to exit.