# Spout Finance

> Spout Finance lets you borrow against your tokenized US stocks at 0% interest, and lets lenders earn yield. Loans are funded by a disciplined covered-call strategy run per asset, not by charging borrowers interest.

Full text of the docs and all articles: [llms-full.txt](https://spout.finance/llms-full.txt)

## What you can do with Spout
- Spout is a protocol on Solana where people borrow USDC against tokenized US stocks and ETFs at 0% interest.
- Spout does not issue tokenized stocks. It accepts tokens from approved third party issuers.
- Lenders deposit USDC into a Senior or a Junior tranche. Their yield comes from covered call premium on the shares behind the collateral, plus Treasury bill yield on idle cash, not from borrower interest.
- Collateral that joins a pool is redeemed with its issuer for real shares, held in Spout's US brokerage account. A receipt token in the pool matches them and is reconciled before each options cycle moves on.
- The maximum loan to value is 50% for every asset. Liquidation thresholds run from 54.1% to 62.5% by asset, with penalties from 4.1% to 12.5%.

## Key pages
- [Home](https://spout.finance/): Product overview
- [Learn](https://spout.finance/learn/): Articles, guides, and insights
- [Docs](https://spout.finance/docs/): How borrowing, lending, and the covered-call engine work
- [About](https://spout.finance/about/): Team, advisors, investors and mission ([Markdown](https://spout.finance/about.md))

## Team
Spout Finance was founded in March 2025 in New York City by Marc Ryan (Co-Founder & CEO), Paul van Mierlo (Co-Founder & CTO) and Paul Jan Reijn (Co-Founder & General Counsel).

- [Marc Ryan](https://spout.finance/about/marc-ryan/), Co-Founder & CEO at Spout Finance. Former tech investment banker at HSBC covering fintech, software, and hardware, including the Arm IPO. Mathematics at Vanderbilt with research on the Black-Scholes model, and a long-time options trader. Founder of FlipVault, an Aptos-funded decentralized P2P exchange, and angel investor in Theoriq, PIN AI, and GAIB AI.
- [Paul van Mierlo](https://spout.finance/about/paul-van-mierlo/), Co-Founder & CTO at Spout Finance. Smart contract developer and ZK researcher with a Master's from Erasmus University Rotterdam. Multiple-time award winner across global hackathons, specializing in privacy protocols, payment systems, and secure DeFi.
- [Paul Jan Reijn](https://spout.finance/about/paul-jan-reijn/), Co-Founder & General Counsel at Spout Finance. Legal counsel trained at Erasmus School of Law, with years of experience in software, having architected legal frameworks for international B2B SaaS and private equity portfolio companies. Owns the regulatory architecture behind Spout's tokenized equities, from entity structuring to onchain compliance.
- [Ishan Lakhwani](https://spout.finance/about/ishan-lakhwani/), Infrastructure Lead at Spout Finance. Full-stack blockchain developer with 7+ years shipping at scale, engineering at SendAI. Rust and Solana protocol work across DeFi and mobile apps reaching 10M+ users. Top contributor to IntentKit, a 6.5K-star open-source AI agent framework.
- [Ramy Chatbi](https://spout.finance/about/ramy-chatbi/), Lead Protocol Engineer at Spout Finance. Cryptographer and Solana engineer specializing in zero-knowledge proofs. Founder of Styx Protocol, a post-quantum privacy and payments layer for Solana with a native on-chain STARK verifier. Previously full-stack developer at Thales. Master's in cybersecurity from Epitech.
- [Saksham Tyagi](https://spout.finance/about/saksham-tyagi/), Product Engineer at Spout Finance. Full-stack Web3 developer building across Move and EVM chains. Previously full-stack developer at Rewardsy and UI designer at iknowspots. Hackathon winner across Aptos, TON, and QuickNode, and recipient of an Indian government grant under the MSME 4.0 Ideathon.
- [Ashish Yadav](https://spout.finance/about/ashish-yadav/), Head of Design at Spout Finance. Founding designer with experience at Headout, Aquanode, and Rancho Labs, building scalable design solutions for products at consumer scale. Deep expertise in design systems and brand identity.
- [Onuorah Gabriel](https://spout.finance/about/onuorah-gabriel/), Marketing & Growth Lead at Spout Finance. Growth operator scaling go-to-market engines for web3 products from zero to one. Led community systems and partnerships at Santa Browser and Digital Era Bank, and spearheaded GTM strategy at GemXBT. Runs Spout's points program and acquisition strategy.
- [Mira Emelis](https://spout.finance/about/mira-emelis/), Head of Socials at Spout Finance. Social media strategist and SheFi Season 16 alum with a Business Ed. background, helping blockchain companies grow their social presence. Supported Popula (NEAR Protocol) through social campaigns and community-driven product insights.

## Working with
Companies Spout Finance works with:
- [Solana](https://solana.com)
- [Coinbase](https://www.coinbase.com)
- [Circle](https://www.circle.com)
- [Stripe](https://stripe.com)
- [Anchorage Digital](https://www.anchorage.com)
- [Bitget](https://www.bitget.com)
- [Ondo](https://ondo.finance)
- [Paxos](https://paxos.com)
- [Dinari](https://dinari.com)
- [MoonPay](https://www.moonpay.com)
- [Backpack](https://backpack.app)

## Investors
Funds and organizations that have invested in Spout Finance:
- [Solana](https://solana.com)
- [Anchorage Digital](https://www.anchorage.com)
- [Draper Dragon](https://www.draperdragon.com)
- [Solayer](https://solayer.org)
- [2Square](https://2square.xyz)
- [Perena](https://perena.org)
- [Bering Waters Group](https://beringwaters.com)
- [Vessel](https://vessel.vc)
- Blockstreet
- [Taisu Ventures](https://www.taisu.io)

## Advisors
- J. Christopher Giancarlo (Regulatory & Policy Advisor) is an advisor to Spout Finance. 13th Chairman of the U.S. Commodity Futures Trading Commission, where he oversaw the first regulated market for bitcoin derivatives. Independent director of Nomura, board member of Paxos, Chair of Polymarket's Advisory Board, and senior advisor to Jefferies. Co-founder and Executive Chairman of the Digital Dollar Project. Affiliations: [Nomura](https://www.nomura.com), [Jefferies](https://www.jefferies.com), [Polymarket](https://polymarket.com), [Paxos](https://paxos.com), [Digital Dollar Project](https://digitaldollarproject.org).
- Neil Amhis (Quantitative Strategy Advisor) is an advisor to Spout Finance. PhD, UCL. Former quant analyst at BNP Paribas and Natixis; now Lead Researcher at Zann Capital. Affiliations: [BNP Paribas](https://group.bnpparibas).
- Saiprasad Raut (Product Advisor) is an advisor to Spout Finance. Chief Technology Advisor for Crypto at Worldpay (FIS); Co-Chair of the Hedera Council's Technical Steering & Product Committee. Affiliations: [FIS](https://www.fisglobal.com), [Worldpay](https://www.worldpay.com), [Hedera](https://hedera.com).

## Angel investors
- J. Christopher Giancarlo (13th Chairman of the U.S. CFTC; director at Nomura and Paxos; Chair of Polymarket's Advisory Board) is an angel investor in Spout Finance. Affiliations: [Polymarket](https://polymarket.com), [Paxos](https://paxos.com), [Nomura](https://www.nomura.com), [Jefferies](https://www.jefferies.com), [Digital Dollar Project](https://digitaldollarproject.org).
- Anatoly Yakovenko (Co-Founder of Solana Labs) is an angel investor in Spout Finance. Affiliations: [Solana Labs](https://solanalabs.com).
- Raj Gokal (Co-Founder of Solana Labs) is an angel investor in Spout Finance. Affiliations: [Solana Labs](https://solanalabs.com).
- Dean Swennumson (Co-Founder & Head of Operations at Superstate; formerly Compound Labs) is an angel investor in Spout Finance. Affiliations: [Superstate](https://superstate.com), [Compound](https://compound.finance).
- Eric Chen (Co-Founder & CEO of Injective) is an angel investor in Spout Finance. Affiliations: [Injective](https://injective.com).
- Paul Taylor (Former BlackRock Private Equity; #1 most active crypto angel investor in the US (2024)) is an angel investor in Spout Finance. Affiliations: [BlackRock](https://www.blackrock.com).
- Benjamin Jessel (Former Principal at Oliver Wyman; Banking and Payments, Digital Strategy at IBM) is an angel investor in Spout Finance. Affiliations: [Oliver Wyman](https://www.oliverwyman.com), [IBM](https://www.ibm.com).
- Shane Qiu (Founder & CEO of Bitway) is an angel investor in Spout Finance. Affiliations: [Bitway](https://bitway.com).
- Saiprasad Raut (Chief Technology Advisor, Crypto at Worldpay (FIS); Hedera Council Co-Chair) is an angel investor in Spout Finance. Affiliations: [FIS](https://www.fisglobal.com), [Worldpay](https://www.worldpay.com), [Hedera](https://hedera.com).
- Anna Yuan (Founder of Perena; former Head of Stablecoins at the Solana Foundation) is an angel investor in Spout Finance. Affiliations: [Solana Foundation](https://solana.org), [Perena](https://perena.org).
- James Parillo (Former General Partner at Figment Capital) is an angel investor in Spout Finance. Affiliations: [Figment Capital](https://www.figmentcapital.io).
- Stefano Glauser (Partner at Polymorphic Capital) is an angel investor in Spout Finance. Affiliations: [Polymorphic Capital](https://polymorphic.capital).
- Nicolai Svistunov (Head of Liquidity Provisioning & Due Diligence Desk at Turtle.xyz) is an angel investor in Spout Finance. Affiliations: [Turtle](https://turtle.xyz).
- Steve Schoonebeek (Business Development Executive at Triton One) is an angel investor in Spout Finance. Affiliations: [Triton One](https://triton.one).
- Whales Lee (Co-Founder of CollegeDAO; ex-Head of Product at Solayer) is an angel investor in Spout Finance. Affiliations: [Solayer](https://solayer.org), [CollegeDAO](https://collegedao.io).

## In the press
Independent coverage of Spout Finance:
- [Spout Finance: Let Your Stocks Pay the Interest](https://bravenewcoin.com/insights/spout-finance-let-your-stocks-pay-the-interest): Brave New Coin, 2026-10-23
- [Giancarlo and Draper Dragon Back Spout's Bid to Make Borrowing Against Stocks Interest-Free](https://coinpedia.org/information/giancarlo-draper-dragon-back-spouts-bid-to-make-borrowing-against-stocks-interest-free/): Coinpedia, 2026-10-19
- [What It Really Costs to Borrow Against Your Stocks](https://www.abcmoney.co.uk/2026/10/what-it-really-costs-to-borrow-against-your-stocks/): ABC Money, 2026-10-19
- [Interest-Free Loans Against Stocks: Could It Work In SA?](https://theopenletter.io/p/interest-free-loans-against-stocks-sa): The Open Letter, 2026-10-18
- [Follow the Money: Nearly $500 Million into Web3, Bet on RWAs, Farcaster Acquisition, and DeFi Rounds](https://incrypted.com/en/follow-the-money-nearly-500-million-into-web3-bet-on-rwas-farcaster-acquisition-and-defi-rounds/): Incrypted, 2026-10-17
- [Spout raises $2M to offer 0% interest loans on Solana](https://crypto.news/spout-raises-2m-to-offer-0-interest-loans-on-solana/): crypto.news, 2026-10-16
- [Spout lends against tokenized stocks at 0%. Covered calls foot the bill](https://solanacompass.com/news/spout-raises-2m-for-0-interest-loans-on-tokenized-us-stocks-funded-by-covered-calls): Solana Compass, 2026-10-16
- [Tokenized US Stock Platform Spout Completes $2M Strategic Funding Round](https://www.kucoin.com/news/flash/tokenized-us-stock-platform-spout-completes-2m-strategic-funding-round): KuCoin News, 2026-10-16
- [Spout Raises $2 Million for 0% Interest Solana Loans, Excludes U.S. Persons](https://www.tokenpost.com/news/business/33405): TokenPost, 2026-10-16
- [Can Borrowing Against Your Stocks Cost Nothing? Solana-Backed Spout Raises $2M to Try](https://techfinancials.co.za/2026/10/16/can-borrowing-against-your-stocks-cost-nothing-solana-backed-spout-raises-2m-to-try/): TechFinancials, 2026-10-16
- [Spout Raises $2M to Build 0% Stock-Backed Loans Using Solana and Covered Calls](https://crypto-economy.com/spout-raises-2m-to-build-0-stock-backed-loans-using-solana-and-covered-calls/): Crypto Economy, 2026-10-16
- [Spout Finance Unlocks $2 Million to Disrupt Stock Lending](https://thenewscrypto.com/spout-finance-unlocks-2-million-to-disrupt-stock-lending/): TheNewsCrypto, 2026-10-16
- [Spout Raises $2M For Zero Interest Solana Loans](https://capwolf.com/spout-raises-2m-for-zero-interest-solana-loans/): CapWolf, 2026-10-16
- [Spout Finance Completes $2 Million Strategic Funding Round with Participation from Draper Dragon and Others](https://www.odaily.news/en/newsflash/525012): Odaily, 2026-10-16
- [Spout Finance Closes $2 Million Strategic Funding Round, With Participation From Draper Dragons and Others](https://www.techflowpost.com/en-US/newsletter/140177): TechFlow, 2026-10-16
- [代币化美股平台 Spout 完成 200 万美元战略轮融资，Anchorage 等参投](https://www.chaincatcher.com/article/2296698): ChainCatcher, 2026-10-16
- [Spout recauda USD $2 millones para ofrecer préstamos sin intereses en Solana](https://www.diariobitcoin.com/startups-verticales/spout-recauda-usd-2-millones-para-ofrecer-prestamos-sin-intereses-en-solana/): DiarioBitcoin, 2026-10-16
- [Spout Raises $2M Strategic Round to Bring 0% Interest Borrowing to Tokenized US Stocks](https://www.globenewswire.com/news-release/2026/10/15/3381988/0/en/spout-raises-2m-strategic-round-to-bring-0-interest-borrowing-to-tokenized-us-stocks.html): GlobeNewswire, 2026-10-15 (press release)
- [Spout Raises $2M Strategic Round to Bring 0% Interest Borrowing to Tokenized US Stocks](https://markets.businessinsider.com/news/stocks/spout-raises-2m-strategic-round-to-bring-0-interest-borrowing-to-tokenized-us-stocks-1036630861): Business Insider Markets, 2026-10-15 (press release)
- [Inside Spout's 0% Stock Loans: Marc Ryan On Using Blockchain Tech To Make Stocks Productive](https://blockchainreporter.net/inside-spouts-0-stock-loans-marc-ryan-on-using-blockchain-tech-to-make-stocks-productive/): BlockchainReporter, 2026-10-15 (interview)
- [Here's Why Investors Poured $2M into Spout Finance's 0% Interest Stock Loans](https://36crypto.com/heres-why-investors-poured-2m-into-spout-finances-0-interest-stock-loans/): 36Crypto, 2026-10-15

## Docs
- [Introduction](https://spout.finance/docs/introduction/): Spout lets you borrow USDC against tokenized US stocks and ETFs at 0% interest. You keep your position and never make a monthly payment. ([Markdown](https://spout.finance/docs/introduction.md))
- [Why Borrowing Against Stocks Has Always Been Expensive](https://spout.finance/docs/why/): If you own stocks and need cash, every traditional option makes you pay for it, either in interest or in giving up the position. ([Markdown](https://spout.finance/docs/why.md))
- [How Spout Works](https://spout.finance/docs/how-spout-works/): Spout connects three groups: borrowers who bring stocks, lenders who bring USDC, and the options buyers who pay for covered calls written on the stocks. ([Markdown](https://spout.finance/docs/how-spout-works.md))
- [Key Concepts in Five Minutes](https://spout.finance/docs/key-concepts/): Plain definitions of 10 terms used in the Spout docs, including tokenized stock, collateral and the pool, loan to value (ltv), liquidation threshold and health… ([Markdown](https://spout.finance/docs/key-concepts.md))
- [Who Spout Is For](https://spout.finance/docs/who/): Most people come to Spout for one of five reasons. Many fit more than one. The numbers below are illustrations. What they share is time. ([Markdown](https://spout.finance/docs/who.md))
- [Spout at a Glance](https://spout.finance/docs/at-a-glance/): Every key number in one place. Each is explained on the page named in the last column. ([Markdown](https://spout.finance/docs/at-a-glance.md))
- [Quick Start](https://spout.finance/docs/getting-started/): You can be set up in a few minutes. Pick the path that matches what you want to do. Go to app.spout.finance and sign in with your email or a Solana wallet. ([Markdown](https://spout.finance/docs/getting-started.md))
- [Creating Your Account and Wallet](https://spout.finance/docs/account-and-wallet/): You hold your own wallet, and every action is a transaction you sign. One login is one account. ([Markdown](https://spout.finance/docs/account-and-wallet.md))
- [Adding Funds](https://spout.finance/docs/adding-funds/): Spout uses one stablecoin: USDC on Solana. Every loan, lending deposit, repayment, Spout fee and payout is in USDC. ([Markdown](https://spout.finance/docs/adding-funds.md))
- [Identity Verification](https://spout.finance/docs/identity-verification/): Some features may require identity verification. Lending does not. If a feature you use needs it, the app tells you and walks you through it. ([Markdown](https://spout.finance/docs/identity-verification.md))
- [Where Spout Is Available](https://spout.finance/docs/where-available/): Spout's app is not available in restricted jurisdictions. Access from these places is blocked: The list can change as rules change. ([Markdown](https://spout.finance/docs/where-available.md))
- [A Tour of the App](https://spout.finance/docs/app-tour/): The app has five main screens, and it shows when the US stock market is closed. Buy or sell tokenized stocks. Enter an amount in dollars or shares. ([Markdown](https://spout.finance/docs/app-tour.md))
- [What Tokenized Stocks Are](https://spout.finance/docs/tokenized-stocks/): A tokenized stock is a token on a blockchain that tracks the price of a real share of a US stock or ETF. ([Markdown](https://spout.finance/docs/tokenized-stocks.md))
- [How Issuers Back Their Tokens and Which Tokens Spout Accepts](https://spout.finance/docs/issuers-and-eligibility/): Spout does not issue tokenized stocks. It works with tokens issued by approved third party issuers. It buys the share through a broker. ([Markdown](https://spout.finance/docs/issuers-and-eligibility.md))
- [Buying Stocks on Spout](https://spout.finance/docs/buying/): You can buy any supported tokenized stock on the Buy screen, paying in USDC. Open it and choose Buy. ([Markdown](https://spout.finance/docs/buying.md))
- [Depositing Tokens You Already Hold](https://spout.finance/docs/depositing/): If your wallet already holds a supported tokenized stock, you can use it as collateral without selling it. ([Markdown](https://spout.finance/docs/depositing.md))
- [Dividends, Splits and Corporate Actions](https://spout.finance/docs/corporate-actions/): For tokens in your wallet, dividends, splits, mergers and other corporate actions are handled by each token's issuer, under its own terms. ([Markdown](https://spout.finance/docs/corporate-actions.md))
- [Selling and Moving Tokens Out](https://spout.finance/docs/selling-and-moving-out/): Tokens in a borrowing position must come out first. To sell or send tokens you have deposited as collateral, repay enough of your loan and withdraw them when… ([Markdown](https://spout.finance/docs/selling-and-moving-out.md))
- [How Borrowing Works](https://spout.finance/docs/how-borrowing-works/): You post tokenized stocks as collateral and borrow USDC against them at 0% interest. ([Markdown](https://spout.finance/docs/how-borrowing-works.md))
- [Opening a Position, Step by Step](https://spout.finance/docs/opening-a-position/): Pick an asset. The list shows each asset's price and your available tokens. Choose how many tokens to deposit. ([Markdown](https://spout.finance/docs/opening-a-position.md))
- [Buying With Leverage](https://spout.finance/docs/buying-with-leverage/): The leveraged buy turns your USDC into a larger stock position in one step, financed by a 0% loan. Leverage is usually paid for by the day. ([Markdown](https://spout.finance/docs/buying-with-leverage.md))
- [LTV, Health Factor and Safety Zones](https://spout.finance/docs/health-factor/): Three numbers tell you how safe a position is. The app shows all three for every position. How much you owe against what your collateral is worth ([Markdown](https://spout.finance/docs/health-factor.md))
- [Managing Your Position](https://spout.finance/docs/managing-your-position/): Once a position is open, you can change it at any time. Every change is a transaction you sign. ([Markdown](https://spout.finance/docs/managing-your-position.md))
- [Liquidation](https://spout.finance/docs/liquidation/): Liquidation protects the lenders who funded your loan. If your LTV rises past your asset's liquidation threshold, Spout sells some or all of your collateral to… ([Markdown](https://spout.finance/docs/liquidation.md))
- [Liquidation Examples](https://spout.finance/docs/liquidation-example/): Four examples with illustrative numbers. All start from a position at the 50% maximum, which is the riskiest place to be. ([Markdown](https://spout.finance/docs/liquidation-example.md))
- [Covered Calls and Assignment](https://spout.finance/docs/options-assignment/): Your collateral backs covered calls that Spout writes on your asset's pool. This is what makes the loan free. ([Markdown](https://spout.finance/docs/options-assignment.md))
- [Options Cycles and Withdrawing Collateral](https://spout.finance/docs/borrowing-lifecycle/): You can repay whenever repayments are not paused. Withdrawing collateral follows the options cycle, because calls are written against it. ([Markdown](https://spout.finance/docs/borrowing-lifecycle.md))
- [What Borrowing Really Costs You](https://spout.finance/docs/borrowing-costs/): Spout charges no interest and no fees on loans. That does not mean borrowing is free of trade offs. Here is everything a borrower can give up. ([Markdown](https://spout.finance/docs/borrowing-costs.md))
- [How Lending Works](https://spout.finance/docs/how-lending-works/): You deposit USDC into the Senior or Junior tranche and receive share tokens for that tranche. As the pool earns, each share is worth more USDC. ([Markdown](https://spout.finance/docs/how-lending-works.md))
- [Senior and Junior Tranches](https://spout.finance/docs/lending-tranches/): The pool has two tranches with different risk and return. Think of a building with two floors. Senior is the upper floor: it is paid first and kept dry longest. ([Markdown](https://spout.finance/docs/lending-tranches.md))
- [Tranche Math](https://spout.finance/docs/tranche-math/): The targets of about 9% for Senior and about 32% for Junior come from the model on this page. Here is the model, then what happens in weaker and stronger weeks. ([Markdown](https://spout.finance/docs/tranche-math.md))
- [Share Tokens and How Your Balance Grows](https://spout.finance/docs/share-tokens/): When you deposit, you receive share tokens for your tranche. You do not claim yield; instead, each share becomes worth more USDC as yield accrues. ([Markdown](https://spout.finance/docs/share-tokens.md))
- [Where Lender Yield Comes From](https://spout.finance/docs/lender-yield/): Lender yield comes from two sources. Neither is a token reward, and neither is interest charged to borrowers. ([Markdown](https://spout.finance/docs/lender-yield.md))
- [Accrual and Weekly Settlement](https://spout.finance/docs/settlement-flow/): Yield accrues continuously and settles weekly. Here is exactly what that means. ([Markdown](https://spout.finance/docs/settlement-flow.md))
- [Idle Cash, Treasury Bills and the Cash Reserve](https://spout.finance/docs/idle-cash-and-reserve/): Not every lender dollar is lent out at once. The part that is not lent is never left idle. ([Markdown](https://spout.finance/docs/idle-cash-and-reserve.md))
- [Withdrawing From Senior](https://spout.finance/docs/withdrawals/): Senior has no lockup. Spout keeps three layers of exit liquidity to give Senior lenders ways to leave, including in stressed markets. ([Markdown](https://spout.finance/docs/withdrawals.md))
- [Withdrawing From Junior](https://spout.finance/docs/junior-withdrawals/): Junior is the pool's first loss layer, so leaving it takes notice. The rules stop Junior lenders from exiting just ahead of a loss and passing it to those who… ([Markdown](https://spout.finance/docs/junior-withdrawals.md))
- [Choosing a Tranche](https://spout.finance/docs/choosing-a-tranche/): The right tranche depends on how much risk you want and how quickly you may need your money. ([Markdown](https://spout.finance/docs/choosing-a-tranche.md))
- [Covered Calls, in Plain English](https://spout.finance/docs/covered-call-strategy/): The loan is free because the collateral earns income, and that income comes from covered calls: one of the oldest income strategies in finance, and a standard… ([Markdown](https://spout.finance/docs/covered-call-strategy.md))
- [The Volatility Risk Premium](https://spout.finance/docs/volatility-risk-premium/): Options are priced on how much people expect a stock to move. On average, across stocks and across decades, they expect more movement than actually happens. ([Markdown](https://spout.finance/docs/volatility-risk-premium.md))
- [Where the Premium Comes From](https://spout.finance/docs/where-the-premium-comes-from/): The volatility risk premium exists because of who buys options and why, and because of what the sellers who meet that demand charge for the risk. ([Markdown](https://spout.finance/docs/where-the-premium-comes-from.md))
- [How Spout Runs the Strategy](https://spout.finance/docs/how-spout-runs-the-strategy/): Spout runs the strategy the same way every cycle, by rules, not by forecasts. ([Markdown](https://spout.finance/docs/how-spout-runs-the-strategy.md))
- [The Life of an Options Cycle](https://spout.finance/docs/options-cycle/): Every cycle on every asset goes through the same stages. Each stage is recorded onchain or reconciled against the broker before the next begins. ([Markdown](https://spout.finance/docs/options-cycle.md))
- [What Spout Keeps Private, and Why](https://spout.finance/docs/what-stays-private/): Spout publishes how the system works and what it did. It does not publish the exact rules for choosing strikes and expiries. ([Markdown](https://spout.finance/docs/what-stays-private.md))
- [How Spout Manages Risk](https://spout.finance/docs/risk-overview/): Every risk in Spout has a control in front of it, and every loss has a fixed order of who absorbs it. ([Markdown](https://spout.finance/docs/risk-overview.md))
- [The Loss Waterfall](https://spout.finance/docs/loss-waterfall/): Every kind of loss has a fixed order of who absorbs it, and Senior always comes last. Other borrowers never pay for someone else's liquidation. ([Markdown](https://spout.finance/docs/loss-waterfall.md))
- [The Insurance Fund](https://spout.finance/docs/insurance-fund/): The Insurance Fund is a reserve inside the protocol, not an insurance policy. It stands in front of lenders for bad debt. ([Markdown](https://spout.finance/docs/insurance-fund.md))
- [Circuit Breakers and Pauses](https://spout.finance/docs/circuit-breakers/): Spout pauses specific actions automatically when conditions call for it, and can pause them manually in an emergency. ([Markdown](https://spout.finance/docs/circuit-breakers.md))
- [Oracles and Pricing](https://spout.finance/docs/oracles/): Spout uses Stork for every price it acts on. Every price is signed by Stork and checked onchain before it is used to value collateral, allow a borrow or a… ([Markdown](https://spout.finance/docs/oracles.md))
- [Market Hours and Weekends](https://spout.finance/docs/market-hours/): The US stock market's regular session runs from 9:30 to 16:00 New York time, Monday to Friday. ([Markdown](https://spout.finance/docs/market-hours.md))
- [Scenarios](https://spout.finance/docs/scenarios/): These use simple, illustrative numbers. Real outcomes depend on markets, strikes and timing. ([Markdown](https://spout.finance/docs/scenarios.md))
- [Risks for Borrowers](https://spout.finance/docs/what-borrowers-should-know/): You can always repay, unless repayments are paused, and Spout has no mechanism to claim more than your collateral. ([Markdown](https://spout.finance/docs/what-borrowers-should-know.md))
- [Risks for Lenders](https://spout.finance/docs/what-lenders-should-know/): Targets are illustrations from a model, not promises. Your actual return depends on markets. ([Markdown](https://spout.finance/docs/what-lenders-should-know.md))
- [Architecture](https://spout.finance/docs/architecture/): Spout has three layers: your wallet, programs on Solana that hold the rules and the money, and Spout's operational services that run routine work within limits… ([Markdown](https://spout.finance/docs/architecture.md))
- [Your Assets and Custody](https://spout.finance/docs/custody/): Assets in your wallet are controlled only by you. Lending deposits sit in accounts controlled by the Spout program. ([Markdown](https://spout.finance/docs/custody.md))
- [Governance and Roles](https://spout.finance/docs/governance/): Spout separates who can change the rules from who runs the routine work. Some rules cannot be changed by any role without a program upgrade: ([Markdown](https://spout.finance/docs/governance.md))
- [Security Practices and Audits](https://spout.finance/docs/security-and-compliance/): Spout's programs will be reviewed by independent security auditors. Each report will be published on this page with its date, scope and findings. ([Markdown](https://spout.finance/docs/security-and-compliance.md))
- [What You Can Verify Onchain](https://spout.finance/docs/onchain-verification/): Most of what these docs describe is recorded on Solana, where anyone can read it with a block explorer. ([Markdown](https://spout.finance/docs/onchain-verification.md))
- [Supported Assets](https://spout.finance/docs/supported-collateral/): Spout supports 11 assets, chosen for deep listed options markets, reliable price feeds, a spread across sectors, and fit with the strategy. ([Markdown](https://spout.finance/docs/supported-collateral.md))
- [Fees](https://spout.finance/docs/fee-structure/): Solana network fees apply to every transaction. They are paid in SOL to the network, not to Spout, and are usually very small. ([Markdown](https://spout.finance/docs/fee-structure.md))
- [Points](https://spout.finance/docs/points/): Points reward the activity that makes Spout work: collateral that earns premium, and USDC that funds loans. ([Markdown](https://spout.finance/docs/points.md))
- [Referrals](https://spout.finance/docs/referrals/): They add it within 30 days of creating their account. Each account can have one referrer, and it cannot be changed. You cannot use your own code. ([Markdown](https://spout.finance/docs/referrals.md))
- [Parameters at a Glance](https://spout.finance/docs/parameters/): The main parameters in these docs, in one table. Per asset risk settings, tranche settings and fees are set by governance within limits the program enforces. ([Markdown](https://spout.finance/docs/parameters.md))
- [Tax](https://spout.finance/docs/tax/): Spout does not give tax advice. How Spout activity is taxed depends on where you live and on your circumstances. Talk to a qualified tax adviser. ([Markdown](https://spout.finance/docs/tax.md))
- [FAQs](https://spout.finance/docs/faqs/): Answers to the questions people ask most. Each links back to the page that explains it in full. ([Markdown](https://spout.finance/docs/faqs.md))
- [Glossary](https://spout.finance/docs/glossary/): Plain definitions of 47 terms used in the Spout docs, including adjustment window, assignment, auto buyback, borrower, brokerage account and call option. ([Markdown](https://spout.finance/docs/glossary.md))
- [Risks and Disclaimers](https://spout.finance/docs/risks-disclaimers/): Spout is a financial protocol. Using it involves real money and real risk. ([Markdown](https://spout.finance/docs/risks-disclaimers.md))
- [Notes](https://spout.finance/docs/notes/): Notes cited elsewhere in these docs. Each one is linked from the place that cites it. At Spout's 50% maximum LTV, the most leverage possible is 2x. ([Markdown](https://spout.finance/docs/notes.md))

## Articles
- [How to Borrow Against Tokenized Stocks Without Selling](https://spout.finance/learn/borrow-against-tokenized-stocks-without-selling/): Learn how to borrow USDC against tokenized stocks without selling your holdings, how stock-backed borrowing works, and how Spout approaches onchain lending.

- [Weekly Roundup: Tokenized Stocks Gain Ground as Lending and Regulation Take Shape](https://spout.finance/learn/weekly-roundup-tokenized-stocks-gain-ground-as-lending-and-regulation-take-shape/): Tokenized stocks are moving beyond trading into DeFi lending. This week’s RWA roundup covers stock-backed borrowing, institutional adoption, issuer resistance, and the latest developments shaping tokenized assets on Solana.
- [Borrowing against your stocks doesn’t have to cost interest](https://spout.finance/learn/borrowing-against-your-stocks-doesnt-have-to-cost-interest/): Spout raises $2M to build an onchain credit layer for tokenized US equities.

- [Weekly Roundup: The Race to Turn Tokenized Stocks Into Collateral](https://spout.finance/learn/weekly-roundup-tokenized-stocks-solana-and-the-race-for-onchain-liquidity/): Tokenized stocks are growing, but only a small share is being used as DeFi collateral. This week’s roundup covers new tokenized stock launches, lending activity, and what the growing gap between asset supply and collateral use means for onchain borrowing.
- [Weekly RWA Roundup: Tokenized Stocks Expand Into Lending, Margin and More](https://spout.finance/learn/weekly-rwa-roundup-tokenized-stocks-expand-into-lending-margin-and-more/): Tokenized stocks took another step beyond trading this week. Lending markets, exchange margin, tokenized funds, portfolio products and institutional platforms are giving these assets more utility, while regulators continue to define the rules around them. Across Solana and the wider RWA market, the focus is increasingly shifting from putting assets onchain to making them useful there.
- [Weekly Roundup: Tokenized Equities Get More Financial Utility](https://spout.finance/learn/weekly-roundup-tokenized-stocks-start-facing-the-market/): Tokenized equities are finding more places to go beyond trading. This week brought new lending markets, tokenized funds, institutional moves and a closer look at whether demand is keeping up.

- [Weekly Roundup: Tokenized Stocks Get Their Biggest Regulatory Signal Yet](https://spout.finance/learn/weekly-roundup-tokenized-stocks-get-their-biggest-regulatory-signal-yet/): Tokenized stocks are becoming more usable. This week brought a new SEC framework for certain onchain trading venues, wider access to securities infrastructure on Solana, increased borrowing against tokenized equities, and deeper links between RWA, DeFi, and TradFi. The bigger story is what these assets can do once they are onchain.
- [Weekly Roundup: What Happens After Assets Go Onchain](https://spout.finance/learn/weekly-roundup-what-happens-after-assets-go-onchain/): Another week of RWA, tokenized stocks, DeFi and TradFi.

From tokenized equity markets and onchain lending to stablecoins and Solana, here’s what moved across the real-world assets market.
- [Weekly Roundup: A $3B Week for Tokenized Stocks](https://spout.finance/learn/weekly-roundup-a-3b-week-for-tokenized-stocks/): Tokenized stocks just had their biggest week yet, with roughly $3 billion in weekly spot volume. As equities move onchain, the bigger question is no longer how to tokenize them, but what happens after.

- [Weekly RWA Roundup: Tokenized Finance Moves Into the Next Phase](https://spout.finance/learn/weekly-rwa-roundup-tokenized-finance-moves-into-the-next-phase/): Tokenized equities are gaining holders, lending markets are growing, institutions are moving settlement onchain, and Solana is pushing further into financial infrastructure. Here’s what happened across RWA, DeFi, TradFi and the Solana ecosystem this week.

- [Introducing Spout Finance Beta on Solana Testnet](https://spout.finance/learn/introducing-spout-finance-beta-on-solana-testnet/): Spout Finance Beta is officially live on Solana Testnet.
- [Weekly RWA Roundup: Tokenized Finance Moves Deeper Into Onchain Markets](https://spout.finance/learn/weekly-rwa-roundup-tokenized-finance-moves-deeper-into-onchain-markets/): Tokenized equities are becoming collateral, institutional credit is moving onchain, and stablecoins are taking on bigger roles in finance. Here’s what changed across RWA, DeFi, TradFi and Solana this week.

- [Weekly RWA Roundup: Tokenized Markets Close In on $40B](https://spout.finance/learn/weekly-rwa-roundup-tokenized-markets-close-in-on-40b/): Tokenized markets are closing in on $40B as RWA adoption grows, DeFi yield faces tougher competition, and TradFi expands onchain.
- [Weekly Roundup: The Market Gets More Access to Onchain Finance](https://spout.finance/learn/weekly-roundup-the-market-gets-more-access-to-onchain-finance/): The week brought bigger products, broader access and more institutional involvement. BlackRock launched new Solana funds, Dinari expanded tokenized stock access, RWA lending deposits climbed to $7.4B, and tokenized-equity holders passed 1M wallets.
- [Weekly Roundup: Markets Build the Next Layer of Tokenized Finance](https://spout.finance/learn/weekly-roundup-markets-build-the-next-layer-of-tokenized-finance/): This week’s roundup covers the biggest developments across real-world assets (RWAs), DeFi, TradFi, and the Solana ecosystem. From BNY bringing blockchain into fund administration and Circle securing another regulatory milestone to Solana’s major network upgrade and expanding RWA infrastructure, here’s everything that happened this week in tokenized finance.

- [Weekly RWA Roundup: Tokenized Markets Keep Growing as Access, Liquidity, and Adoption Expand](https://spout.finance/learn/weekly-rwa-roundup-tokenized-markets-keep-growing-as-access-liquidity-and-adoption-expand/): Institutional adoption continued expanding this week as trading activity reached new highs, regulators advanced digital asset policy, and Solana strengthened its position in the tokenized asset ecosystem. Here’s what happened across RWAs, DeFi, TradFi, and Solana, and why it matters.

- [Weekly RWA Roundup: Wall Street Goes Live Onchain as Tokenized Finance Enters a New Phase](https://spout.finance/learn/weekly-rwa-roundup-wall-street-goes-live-onchain-as-tokenized-finance-enters-a-new-phase/): Wall Street reached a turning point this week as DTCC processed live tokenized securities, Ondo brought those assets to public blockchains, and Solana attracted even more institutional adoption, marking another step toward mainstream tokenized finance.

- [How Spout and Stork Solved Pricing for Tokenized RWA Lending in Real Time](https://spout.finance/learn/how-spout-and-stork-solved-pricing-for-tokenized-rwa-lending-in-real-time/): Accurate pricing is the foundation of every loan. That’s why Spout has partnered with Stork to power the pricing infrastructure behind our tokenized RWA lending protocol.
- [Weekly RWA Roundup: Tokenization Accelerates as Institutions Double Down on Solana and Onchain Finance](https://spout.finance/learn/weekly-rwa-roundup-tokenization-accelerates-as-institutions-double-down-on-solana-and-onchain-finance/): Institutional adoption of tokenized real-world assets (RWAs) accelerated this week as Solana hit new milestones, Wall Street expanded its blockchain ambitions, and the gap between traditional finance and DeFi continued to narrow.

- [Weekly RWA Roundup: Securitize, Solana and Ondo Push Tokenized Finance Into a New Era](https://spout.finance/learn/weekly-rwa-roundup-securitize-solana-and-ondo-push-tokenized-finance-into-a-new-era/): Institutional adoption accelerated this week as Solana, Securitize, and Ondo pushed tokenized real-world assets and blockchain-based finance into the spotlight.
- [The Next Phase of Onchain Finance Is Taking Shape](https://spout.finance/learn/the-next-phase-of-onchain-finance-is-taking-shape/): Stablecoins, RWAs, and DeFi are starting to connect. This week showed how onchain finance is moving closer to real-world financial use.
- [The State of Onchain Finance This Week](https://spout.finance/learn/the-state-of-onchain-finance-this-week/): Ownership was only the beginning. As RWAs, DeFi, and institutional infrastructure connect, the real question becomes: what can assets do once they are onchain?
- [Spout Beta Waitlist Is Now Open](https://spout.finance/learn/spout-beta-waitlist-is-now-open/): A new way to access liquidity is coming. Join the early group exploring how tokenized assets can become more useful without selling your ownership.
- [The week in tokenized markets](https://spout.finance/learn/the-week-in-tokenized-markets/): Billions in assets are moving onchain, but most are still sitting idle. The next phase of finance is about giving those assets a purpose.
- [This Week in RWAs, DeFi & Solana](https://spout.finance/learn/this-week-in-rwas-defi-solana/): Banks are exploring tokenized money. Institutions are building onchain infrastructure. Assets are moving onchain. The question now is what comes after ownership.
- [The Week TradFi Came On-Chain Through the Front Door](https://spout.finance/learn/the-week-tradfi-came-onchain-through-the-front-door/): The rails are changing quietly. This week showed how traditional finance is moving toward tokenized money, public blockchains, and new ways to access financial products.
- [The New Chair and the Old Plumbing](https://spout.finance/learn/the-new-chair-and-the-old-plumbing/): The biggest changes in finance rarely happen on the charts. They happen in the infrastructure underneath. This week showed the gap between legacy systems and the future being built onchain.
- [TradFi Chaos, Tokenization Signal: What This Week Means for Spout Finance](https://spout.finance/learn/tradfi-chaos-tokenization-signal-what-this-week-means-for-spout-finance/): Macro, markets, and DeFi are becoming more connected. Explore what happened this week and why it matters for tokenized assets and onchain liquidity.
- [DeFi x TradFi: Weekly market breakdown](https://spout.finance/learn/defi-x-tradfi-weekly-market-breakdown-mfro/): After a turbulent week for DeFi, the market started focusing on stronger collateral, institutional products, and the next phase of onchain finance.
- [DeFi x TradFi: Weekly Market Breakdown](https://spout.finance/learn/defi-x-tradfi-weekly-market-breakdown/): DeFi faced a major stress test this week, while RWA continued proving why real assets are becoming the next phase of onchain finance. Here’s what happened and what it means.
- [Spout Welcomes Anchorage Into the Mission](https://spout.finance/learn/spout-welcomes-anchorage-into-the-mission/): With Anchorage Digital as a strategic partner, Spout is moving closer to a future where real-world assets and decentralized finance work together.
- [A New Chapter for Spout Finance](https://spout.finance/learn/a-new-chapter-for-spout/): From a small team with a big idea to building onchain financial infrastructure. Spout Finance is entering its next phase.
- [Whale Hub Applications Are Now Open](https://spout.finance/learn/whale-hub-applications-are-now-open/): The next generation of financial communities starts here. Join a selective group of participants building knowledge, reputation, and positioning inside the Spout ecosystem.
- [Introducing Whale Hub: Where Knowledge Meets Opportunity](https://spout.finance/learn/introducing-whale-hub-where-knowledge-meets-opportunity/): A new layer of Spout Finance is coming. Whale Hub brings together people who want to understand modern finance, learn from builders, and position early in the future of tokenized assets.

## Article Markdown (clean text)
- [How to Borrow Against Tokenized Stocks Without Selling](https://spout.finance/learn/borrow-against-tokenized-stocks-without-selling.md)
- [Weekly Roundup: Tokenized Stocks Gain Ground as Lending and Regulation Take Shape](https://spout.finance/learn/weekly-roundup-tokenized-stocks-gain-ground-as-lending-and-regulation-take-shape.md)
- [Borrowing against your stocks doesn’t have to cost interest](https://spout.finance/learn/borrowing-against-your-stocks-doesnt-have-to-cost-interest.md)
- [Weekly Roundup: The Race to Turn Tokenized Stocks Into Collateral](https://spout.finance/learn/weekly-roundup-tokenized-stocks-solana-and-the-race-for-onchain-liquidity.md)
- [Weekly RWA Roundup: Tokenized Stocks Expand Into Lending, Margin and More](https://spout.finance/learn/weekly-rwa-roundup-tokenized-stocks-expand-into-lending-margin-and-more.md)
- [Weekly Roundup: Tokenized Equities Get More Financial Utility](https://spout.finance/learn/weekly-roundup-tokenized-stocks-start-facing-the-market.md)
- [Weekly Roundup: Tokenized Stocks Get Their Biggest Regulatory Signal Yet](https://spout.finance/learn/weekly-roundup-tokenized-stocks-get-their-biggest-regulatory-signal-yet.md)
- [Weekly Roundup: What Happens After Assets Go Onchain](https://spout.finance/learn/weekly-roundup-what-happens-after-assets-go-onchain.md)
- [Weekly Roundup: A $3B Week for Tokenized Stocks](https://spout.finance/learn/weekly-roundup-a-3b-week-for-tokenized-stocks.md)
- [Weekly RWA Roundup: Tokenized Finance Moves Into the Next Phase](https://spout.finance/learn/weekly-rwa-roundup-tokenized-finance-moves-into-the-next-phase.md)
- [Introducing Spout Finance Beta on Solana Testnet](https://spout.finance/learn/introducing-spout-finance-beta-on-solana-testnet.md)
- [Weekly RWA Roundup: Tokenized Finance Moves Deeper Into Onchain Markets](https://spout.finance/learn/weekly-rwa-roundup-tokenized-finance-moves-deeper-into-onchain-markets.md)
- [Weekly RWA Roundup: Tokenized Markets Close In on $40B](https://spout.finance/learn/weekly-rwa-roundup-tokenized-markets-close-in-on-40b.md)
- [Weekly Roundup: The Market Gets More Access to Onchain Finance](https://spout.finance/learn/weekly-roundup-the-market-gets-more-access-to-onchain-finance.md)
- [Weekly Roundup: Markets Build the Next Layer of Tokenized Finance](https://spout.finance/learn/weekly-roundup-markets-build-the-next-layer-of-tokenized-finance.md)
- [Weekly RWA Roundup: Tokenized Markets Keep Growing as Access, Liquidity, and Adoption Expand](https://spout.finance/learn/weekly-rwa-roundup-tokenized-markets-keep-growing-as-access-liquidity-and-adoption-expand.md)
- [Weekly RWA Roundup: Wall Street Goes Live Onchain as Tokenized Finance Enters a New Phase](https://spout.finance/learn/weekly-rwa-roundup-wall-street-goes-live-onchain-as-tokenized-finance-enters-a-new-phase.md)
- [How Spout and Stork Solved Pricing for Tokenized RWA Lending in Real Time](https://spout.finance/learn/how-spout-and-stork-solved-pricing-for-tokenized-rwa-lending-in-real-time.md)
- [Weekly RWA Roundup: Tokenization Accelerates as Institutions Double Down on Solana and Onchain Finance](https://spout.finance/learn/weekly-rwa-roundup-tokenization-accelerates-as-institutions-double-down-on-solana-and-onchain-finance.md)
- [Weekly RWA Roundup: Securitize, Solana and Ondo Push Tokenized Finance Into a New Era](https://spout.finance/learn/weekly-rwa-roundup-securitize-solana-and-ondo-push-tokenized-finance-into-a-new-era.md)
- [The Next Phase of Onchain Finance Is Taking Shape](https://spout.finance/learn/the-next-phase-of-onchain-finance-is-taking-shape.md)
- [The State of Onchain Finance This Week](https://spout.finance/learn/the-state-of-onchain-finance-this-week.md)
- [Spout Beta Waitlist Is Now Open](https://spout.finance/learn/spout-beta-waitlist-is-now-open.md)
- [The week in tokenized markets](https://spout.finance/learn/the-week-in-tokenized-markets.md)
- [This Week in RWAs, DeFi & Solana](https://spout.finance/learn/this-week-in-rwas-defi-solana.md)
- [The Week TradFi Came On-Chain Through the Front Door](https://spout.finance/learn/the-week-tradfi-came-onchain-through-the-front-door.md)
- [The New Chair and the Old Plumbing](https://spout.finance/learn/the-new-chair-and-the-old-plumbing.md)
- [TradFi Chaos, Tokenization Signal: What This Week Means for Spout Finance](https://spout.finance/learn/tradfi-chaos-tokenization-signal-what-this-week-means-for-spout-finance.md)
- [DeFi x TradFi: Weekly market breakdown](https://spout.finance/learn/defi-x-tradfi-weekly-market-breakdown-mfro.md)
- [DeFi x TradFi: Weekly Market Breakdown](https://spout.finance/learn/defi-x-tradfi-weekly-market-breakdown.md)
- [Spout Welcomes Anchorage Into the Mission](https://spout.finance/learn/spout-welcomes-anchorage-into-the-mission.md)
- [A New Chapter for Spout Finance](https://spout.finance/learn/a-new-chapter-for-spout.md)
- [Whale Hub Applications Are Now Open](https://spout.finance/learn/whale-hub-applications-are-now-open.md)
- [Introducing Whale Hub: Where Knowledge Meets Opportunity](https://spout.finance/learn/introducing-whale-hub-where-knowledge-meets-opportunity.md)