how it works
One thread, from the position you own to the balance you repay.
Seven stages. Two of them are about markets going the wrong way, and they are in the sequence rather than in an appendix, because that is where they belong.
- 01
You connect an account and add what you hold
Tokenized stocks, crypto and cash arrive in one place and are valued together. Adding a position does not commit it to anything: it is visible, and it is still just yours.
- 02
You lock the positions you are willing to spend against
Locking is per position and it is the decision that matters. An unlocked position counts for nothing toward spending, which is exactly why it is a choice rather than a default.
- 03
Each locked position is priced and discounted
Every asset is valued from its own reference source and then takes its own haircut. What survives across all of them, added together, is the ceiling.
View the rates the catalog applies today
- USDC90%
- WETH70%
- CBBTC70%
- AAPLX50%
These mirror the collateral catalog the rail runs on. They can change, and an asset that is not in the catalog is not eligible at all. Neither is promised in advance.
- 04
You pay with the card
The charge is checked against what is available and against the health guardrail, and then it is approved or declined. Nothing is sold to fund it: the drawn balance rises instead, and the position stays open.
- 05
The account is watched continuously, in both directions
Prices move and the ceiling moves with them. When the positions rise, spending power rises. When they fall, it falls, and it can fall below what has already been drawn.
What a rise and a fall each do
When markets rise: locked collateral is worth more, so the ceiling goes up and the cushion between collateral and drawn balance widens. Nothing is required of you. The extra spending power is available, not owed.
When markets fall: the ceiling comes down. If it falls below what is already drawn, availability is zero and the cushion narrows. Repaying part of the balance, or locking more of what you hold, restores it.
The ceiling is recalculated from prices and from what is locked. It is not a limit somebody set for you, so it is not reviewed on a schedule and it does not need an application to change.
- 06
If the cushion closes, you are told, and then acted on
A thinning cushion produces a notification with the amount that restores it. If the account reaches the guardrail and stays there, holdings can be sold to settle the drawn balance.
When holdings could be sold, and what that means
The guardrail is a health factor of 1.25: locked collateral worth 1.25 times the drawn balance. Below 1.5 the account is in Watch, which is informational. At 1.25 new charges are declined, and a position that stays there can be sold to bring the balance back inside the guardrail.
A sale made this way is a real sale. It realises whatever gain or loss the position carries at that moment, it may have tax consequences, and it happens at market prices rather than at a price you chose. This is the outcome the whole guardrail exists to keep away from, and it is the reason the cushion is worth watching.
- 07
You repay, and the spending power comes back
A repayment reduces the drawn balance and restores the same amount of availability, immediately. Pay on a schedule, or pay it down whenever it suits you.
Do it to a real account.
This is the example account from the rest of the site. Push the market down and read what the account does. At $29,555 drawn against $73,810 of locked collateral, the cushion starts thinning at a fall of about 42 percent.
Locked collateral is comfortably above the drawn balance. Nothing to do.
Below this the account is in Watch. Nothing is sold, but the gap has narrowed.
New charges are declined from here, and holdings can be sold to settle the drawn balance.
A market move is applied to the priced positions and not to the cash lane, which is why an account holding cash falls further before it reaches either line. The falls quoted are for this example account at this drawn balance; a different balance moves both.
Figures on this page describe one example account at the reference prices the pricing engine carries. They are an illustration of how the account works, not an offer, a quote, or anyone's balance.
What can change my spending power?
The price of what you have locked, which of your positions are locked, the rates the catalog applies to each asset, and how much you have already drawn. Three of those four are yours to move.
How do repayments work?
A repayment reduces the drawn balance. Availability rises by the same amount at once, and the cushion widens. You can pay on a schedule the account suggests, or by hand whenever you like.
Does spending realise a gain or a loss?
Spending does not, because nothing is sold. A sale forced by the guardrail does, and that is the outcome to plan around. Nothing here is tax advice.
What happens to a position while it is locked?
It stays in the market and keeps whatever exposure it had. It is committed to supporting the account while it is locked, so it is not freely movable, and the account agreement is where the terms of that live.
Nothing on this page is a commitment that a particular asset will be eligible, that a rate will hold, or that a charge will be approved. Approval depends on the account at the moment of the charge.
Ready when you are.
Join the waitlist and we will come back to you when access opens in your state.