Who It Is For

These products are for eligible participants who can assess contingent payments, Stock Token delivery and lock-up risk. Start with Risks before choosing a role.

COUPON Buyers

COUPON buyers deposit USDG for contingent coupons and accept Stock Tokens at the strike terms if the barrier is breached at maturity. Core notes do not use margin liquidation, but issuer, oracle, contract and market risks remain. See COUPON.

SHIELD Posters

You hold Stock Tokens and want protection against a deep fall under the note’s conditional settlement rules. You accept that the protection switches off if the stock rallies to the autocall level on an observation date, and that you pay the coupon at every observation where the barrier holds. Natural users are long-term holders, lenders holding stock collateral, and vaults with a mandate to stay invested. See SHIELD.

Desk Depositors

You hold USDG and want diversified exposure to the COUPON side across many series, taken only where SHIELD supply exceeds COUPON demand and only within hard caps. Your return is the coupons on Desk-held COUPON units minus any physical-settlement losses. The Desk is an ERC-4626 vault with a withdrawal queue for deployed capital. See Desk.

NOTE and sNOTE Holders

NOTE and sNOTE holders are exposed to protocol fee routing, token supply and token market risk. Fee-funded purchases depend on collected fees and auction participation; neither staking nor a Treasury valuation fixes the market price. See NOTE, sNOTE and Buyback Auction.

Keepers (Anyone)

Observation, strike finalisation, settlement, fee sweeping and series rolls are permissionless cranks; there is no operator-run keeper. The first successful observe after a close earns keeperRewardQuote (default 2 USDG) from accrued fees, a RollPolicy.roll earns the roll bounty, and claim/redeem/settle run any due crank lazily for whoever calls them. See Automation and cranks.

Integrators

COUPON and SHIELD are ERC-1155 positions with a deterministic id scheme, pull-based accounting and transfer hooks that settle accrued coupons. They can be held by vaults, used as collateral, or distributed as rewards. See Developers.

Who It Is Not For

• US persons. Stock Tokens are not offered to US persons, and are restricted in the UK, Canada and Switzerland (Robinhood docs). Note Systems inherits those restrictions. See Regulatory.
• Anyone who needs to exit before maturity at a known price. Legs are transferable but the protocol does not run a secondary market.
• Anyone who cannot tolerate receiving Stock Tokens worth materially less than their deposit.