Securitizing compute,
honestly.

1 · Thesis

AI infrastructure debt is projected to exceed $7T outstanding by 2029 (SemiAnalysis), making it the second-largest asset-backed credit market after US mortgages. GPU-collateralized lending already runs at institutional scale off-chain — $11B+ extended to neocloud operators, with the first investment-grade facility (rated A3) closed in March 2026.

Almost none of this yield is reachable on-chain. Tokenized RWAs concentrate in Treasuries and private credit; AI-infrastructure cash flow — the fastest-institutionalizing asset class of the decade — is missing. That is the market this protocol serves.

2 · Instrument design

$ZERYV is a fully-reserved, yield-bearing stablecoin. Minting deposits USDC into a bankruptcy-remote SPV; the reserve splits ~30% short-term U.S. Treasury bills (instant-liquidity tier) and ~70% GPU purchase-agreement financings with vetted AI-cloud operators.

Staking mints an ERC-4626 vault token whose exchange rate accrues as financing payments settle — no rebases, no emissions. The protocol retains a disclosed spread of gross yield; the remainder flows to stakers.

3 · Underwriting standard

Financings are originated at 70–80% LTV against hardware cost, amortize over 24–36 months to zero residual, and require ≥1.3× debt-service coverage from contracted take-or-pay offtake. Aggregate reserve over-collateralization is maintained at 1.3–1.5×.

Rental-rate risk is structural, not speculative: H100 spot rates fell from $7–10+/hr (2023) to $2–4/hr (late 2025). Underwriting therefore prices ONLY contracted revenue; spot upside is the operator's, spot downside is absorbed by coverage ratios and first-loss capital.

4 · Custody & recourse

Every financed unit carries a UCC-1 lien filing and sits in insured third-party custody with serial-level receipts. On default, first-loss capital absorbs the initial writedown; hardware is remarketed via contracted channels; the T-bill sleeve is never impaired.

5 · Proof of reserve

Independent validators attest hardware existence, utilization and verified revenue every 24 hours, publishing signed hashes to Robinhood Chain. Validators post slashable bonds; attestation history and NAV marks are public. Quarterly agreed-upon-procedures reports reconcile the full serial roster.

6 · Why Robinhood Chain

An exchange-operated Arbitrum Orbit L2 that settles to Ethereum, prices via Chainlink oracles, and embeds compliance at the protocol level — purpose-built for real-world assets. A hardware-backed dollar deploys where RWA settlement is native.

7 · Risk factors

Operator default and remarketing friction; GPU price compression beyond coverage assumptions; validator collusion (mitigated by bonds and multi-validator quorum); smart-contract risk (audited, but never zero); regulatory treatment of yield-bearing stable instruments varies by jurisdiction — the token is not offered to U.S. persons.