What Unlockable is

A holder deposits a verified Robinhood Stock Token and splits it for a maturity date of their choosing. The split mints two tokens: one PT, which redeems for the stock token on that date, and one YT, which collects every eligible cash dividend paid until then. Nothing is sold when a split opens.

Each side then trades on its own market. Buying PT below the token price locks in a fixed return to maturity. Buying YT is a leveraged position on the dividends alone, without paying for the stock price at all. Holding both sides of the same maturity is exactly equivalent to holding the token.

You deposit

A verified Robinhood Stock Token

You receive

Equal units of PT and YT, for one maturity

PT settles as

The stock token, on the maturity date

YT settles as

Dividends in USDG, paid as they occur

The two sides answer opposite questions#

PT is for someone who wants a known outcome: pay a known price today, receive a known asset on a known date. The stock exposure is identical to simply holding the token, so a PT buyer is not making a call on the company — they are trading a rate. The discount at today’s price annualises to a percentage, and buying PT locks that percentage in the way buying a bond below par locks in its yield.

YT is for someone with a view on what a company will pay its holders. It isolates that one variable and prices it on its own. It suits a holder who thinks a dividend will be raised before the market has noticed, and it equally suits a splitter who wants to keep the stock but sell the payout stream forward for cash today.

The split creates no extra value#

One token becomes one PT plus one YT, and merging equal amounts restores the token at any point before maturity. The prices of the two sides move independently, but their sum tracks the token they came from. When the sum drifts away from the token price, arbitrage pulls it back: split when the parts are rich, merge when they are cheap.