How Plinth works

You need a listed stock token in your wallet to use as collateral. The Borrow page shows every term before you connect a wallet or sign anything.

1. 01

   Choose a stock token

   Each listed token has its own price, loan limit, and liquidation threshold. It must be open for new loans and have a valid price.

2. 02

   Set the collateral and the amount

   Your stock must be worth more than the USDC you take. Depending on the stock, a new loan can be 10–50% of its value. The pool also checks free USDC, a cap per stock, a minimum loan, and a limit of 20% of pool funds per address. The program starts with a 3 USDC minimum; the form shows the current value.

3. 03

   Pick 1, 3, 7, 14, or 30 days

   The fee depends on the term and is fixed when the loan opens. The form shows the total to repay and an estimated liquidation price before you confirm.

4. 04

   Repay to unlock your stock

   Repay the full amount and the fee by the due date. Repaying early is allowed; the fee stays the same. You can add collateral while the loan is open.

When the borrowing ladder is switched on, a new address starts with a small limit. Loans held for at least seven protocol days and repaid in full raise it; a liquidation sends it back to the start. The Borrow page shows the limit that applies to your wallet now.

Your collateral is worth whatever the stock is worth. Each stock has a liquidation threshold: if the collateral gets too close to what you owe, the loan can be liquidated. The threshold in force when you open the loan stays with that loan.

A liquidated borrower does not get the stock token back. If the sale brings in less than lenders are owed, the safety fund covers the gap first. Whatever it cannot cover is a lender loss.

On the Fund page, choose an amount and a lock of 1 week, 1 month, 3 months, 6 months, or 1 year. Each deposit becomes its own position with its own unlock date.

The loan fee is 1% for 30 days and scales with the term you choose. It is set when the loan opens and paid in full at repayment, early or not.

When a loan is repaid its fee is split: 80% to lenders, 15% to the safety fund, 5% to the treasury. The safety fund has no cap and cannot be withdrawn; it is only used to cover liquidation shortfalls. The treasury also receives the 2% share of early exits and anything a liquidation brings in above what lenders and the safety fund are owed.

The safety fund softens liquidation shortfalls. It can reduce lender losses but cannot promise to cover them all. The Pool page shows its balance and any lender loss so far.

$CREDIT is the participation and risk-sharing token of Plinth. The lending pool operates in USDC, while eligible Stock Tokens secure every loan.

Protocol revenue and buyback

Plinth allocates 85% of protocol revenue to buy back and permanently burn $CREDIT. The remaining 15% funds project development, including security, infrastructure, integrations, and ongoing operations.

Protocol revenue means funds actually received by the protocol, such as its share of repaid loan fees and applicable early-exit charges. Borrower principal, lender deposits, collateral, and the safety fund that covers losses are excluded. Buybacks occur only after revenue has been collected; their timing and transaction history will be publicly verifiable.

A buyback reduces circulating token supply. It does not guarantee a token price, a return, or a distribution to holders.

Agent Credit Bonds

$CREDIT holders can commit tokens to a specific agent through an Agent Credit Bond. The agent's owner must approve the bond. Once active, it places the holder's tokens at risk alongside the agent's borrowing activity.

The bond holder may earn a specified portion of fees from loans the agent repays. If the agent defaults or a liquidation leaves a shortfall, part of the bonded $CREDIT may be burned according to the terms shown when the bond is created. Tokens committed to an open loan remain locked until that obligation is settled.

Agent Credit Bonds add a layer of accountability to Plinth's stock-backed lending model. They do not remove the stock collateral requirement or eliminate lender risk. Plinth will publish bond requirements, fee allocation, loss rules, and agent eligibility before this feature goes live.

Stock-token prices come from Chainlink's xStocks feeds as published on chain by Kamino Scope (market-hours prices only, checked against the listed Chainlink feed), or from Pyth price feeds (fully verified, narrow confidence); either way never older than a price already used. A price stays usable for up to 26 hours; the week's last price stays usable until Tuesday 06:00 UTC. New loans also wait after a sharp price move, or while a corporate action changes a token's share multiplier. Repaying and adding collateral never wait for a price.

The pool can also be paused. While it is paused, deposits and new loans stop; repaying, adding collateral, liquidating, and withdrawing continue under their usual rules.

The Pool page shows the pool's funds, USDC on loan, idle USDC, and utilization. In its stock table, Borrowed / limit means the amount of active loan principal backed by that stock compared with the maximum allowed for that stock. These are USDC amounts, not counts of stock tokens.

The City turns recorded activity into a visual map. The full City is based on actual pool and loan data; the growing building on the home page is labeled as an illustration.

Roads, trees, cars, lit windows, and the harbour buildings along the waterfront are scenery. They do not represent a wallet balance or loan outcome. The 3D buildings are made from the City Kit models by Kenney (CC0).

Plinth lets autonomous agents borrow USDC against eligible Stock Tokens, manage open loans, and build a verifiable repayment history. Agents follow the same collateral and liquidation rules as other borrowers.

Borrowing workflow

1. 01

   Check the market

   Read the stock's oracle price, borrowing limit, liquidation threshold, available pool liquidity, and the agent wallet's current limit.

2. 02

   Open a loan

   Lock eligible Stock Tokens, choose a term of 1, 3, 7, 14, or 30 days, and receive USDC. The fee and repayment amount are fixed when the loan opens.

3. 03

   Monitor the position

   Track collateral value and the due date. The agent can add collateral if its loan approaches liquidation.

4. 04

   Repay and recover collateral

   Pay the full principal and fee to unlock the Stock Tokens. Each completed repayment adds to the wallet's public record.

When the repayment ladder is enabled, qualifying loans held for at least seven protocol days and repaid in full can increase the wallet's borrowing limit. A liquidation resets that progress. Credit history never removes the collateral requirement.

x402 access for agents

Plinth offers agent-readable data through x402 pay-per-request endpoints. An agent can request loan terms, collateral status, pool conditions, or a wallet's repayment record; the server answers with a payment request in USDC that the agent settles before receiving the response.

x402 pays for access to data or services. It does not open a loan, approve a transaction, repay debt, or give Plinth control of the agent's wallet. Borrowing and repayment remain separate on-chain actions that the agent's wallet must authorize; the Plinth payer borrows to cover a payment only when the agent allows it and signs that loan itself.

The free catalog at /api/x402 lists every endpoint, its price, the network, the USDC mint, and the fee payer. Agents should verify the returned data and simulate transactions before signing. Setup for agents and merchants is on the x402 hub; code examples are on the Developers page.

Risk controls

An agent operator should set limits on loan size, eligible collateral, and minimum collateral buffer, and keep enough USDC available for repayment. If prices or pool data cannot be verified, the agent should pause new borrowing and request operator review. A loan can be liquidated after a price decline or after its due date and one-day grace period; liquidation transfers the entire pledged collateral to the liquidator, who pays its oracle value minus a small discount, and nothing is returned to the borrower.

This site reads balances and prices from the network and builds history from recorded events. If that data cannot be read, it says so instead of showing stand-in numbers.