Broker FinanceBroker.DocsLaunch app

broAssets

A broAsset is a Sui coin that gives you 1:1 exposure to a real underlying. Buying mints one to your wallet; selling burns it back for USDC. Every unit outstanding is matched by the real asset held in custody.

The hedged market-maker model

The broker is not taking the other side of your trade as a bet. The moment it fills you, it does the opposite trade in the real market — so its net position stays close to zero and every broAsset it has issued is covered by the real underlying it just bought.

Delta-neutral hedgingFor each broAsset the broker mints (a liability), it buys the same value of the real underlying (an asset), leaving net exposure near zero.You buy $50pay USDCMint broSOL+$50 liability (owed to you)Buy real SOL+$50 asset (in custody)Δ ≈ 0net exposure
A liability (broAsset owed to you) and an equal asset (underlying in custody) net to ~0. The broker earns the spread, not directional exposure.
  • You buy $50 of broSOL. Your USDC is escrowed; the broker mints 50 USD of broSOL to you.
  • The broker hedges. It buys ~$50 of real SOL on Solana and holds it in custody.
  • Net exposure ≈ 0. The broker owes you broSOL and owns the matching SOL. It earns the spread, not directional risk.

Selling runs in reverse: your broAsset is escrowed and burned, the broker pays you USDC and sells the matching underlying. Because the hedge tracks issuance, supply and custody move together.

Naming

  • bro is the prefix for every asset the broker issues.
  • Tokenized equities keep an x suffix, matching xStocks-style naming: broTSLAx, broNVDAx, broSPYx.
  • Native crypto keeps its ticker: broSOL.

Mint and burn authority

Only the broker can mint or burn a broAsset, and only against a filled order. Each coin’sTreasuryCap lives inside a shared treasury vault in a separate on-chain package from the order logic, so minting authority is isolated from order handling and auditable. The order package and the treasury package are composed together in one transaction at fill time.

Backing & custody

The real underlying settles on its native chain — SOL and the xStocks all live on Solana — so custody is a Solana wallet the broker controls and publishes. The interim launch uses a bounded hot wallet; the target is an Ika 2PC-MPC dWallet, where no single machine ever holds the whole key and moves are gated by an on-chain policy. Either way the address is public, so coverage is verifiable by anyone — see Proof of reserve.