Every asset you mint through Flo is a transferable, composable ERC-20 with the f-prefix. Stocks, treasury yield, commodities, FX, ETFs, fixed income. One naming convention, one settlement asset, one SDK.
Every position minted through Flo is an ERC-20 in your wallet. fAAPL for tokenized Apple stock, fSGOV for short-duration Treasuries, fGOLD for commodities, fEURUSD for FX, fSPY for ETFs, fJPST for short-term corporate credit. Same ticker as the underlying, prefixed with f. Transferable, lendable, composable. Backed 1:1 by the underlying held in segregated brokerage accounts at IBKR or Alpaca, our two SEC-registered broker-dealer partners.
One naming convention covers the entire universe. The f-prefix means "this is a Flo-issued token, the rest of the ticker is the underlying you already know." A developer who has never read a Flo doc can guess what fAAPL is. A treasury team that wants to hold T-bills onchain can find fSGOV. A DeFi vault that wants to add commodities exposure knows where fGOLD lives. The same convention applies to vaults, structured products, and basket tokens we issue downstream.
I went back and forth on this for a long time. The question that kept coming up was whether to ship an ERC-1155 wrapper for portfolio-style products, an ERC-20 per ticker, or something custom. Standards won. Every DeFi protocol I'd want an integrator to plug into speaks ERC-20 fluently. Money markets, perp DEXs, structured products, automated rebalancers. They all expect a fungible, transferable token with a known interface. The loss of compatibility wasn't worth the gain on the wrapper side.
Three layers, each verifiable independently.
We don't custody the token. The integrator's user does. We custody the underlying, at the broker-dealer, in segregated accounts, under the SPV's name. The token is a contractual claim. The SPV is bankruptcy-remote. That separation is the point.
An fAAPL holder can post their position as collateral in an Aave-style money market. A fSGOV holder can earn the Treasury yield onchain and use that yield as collateral for a leveraged fAAPL long. A fGOLD position can hedge a fEURUSD trade in the same vault. They can swap fAAPL to fNVDA without ever touching cash. None of this is possible across a brokerage account today, and I think that's the part of this category most people are still under-pricing.
An ERC-20 doesn't replace your brokerage. It composes with the rest of your stack.
Flo runs a total-return model. Cash dividends, bond coupons, money-market accruals, scrip dividends, and special distributions are paid out to token holders as an increase in NAV per token. The SPV's broker receives the distribution net of any applicable issuer-country withholding tax, reinvests the net cash into more of the same underlying, and the higher shares-per-token ratio is reflected in NAV per token. Token supply stays the same.
Stock splits follow the same logic. The SPV's share count adjusts by the split ratio and NAV per token reflects the new shares-per-token ratio. Cash M&A redeems notes at the deal price on closing. Voting on the underlying is exercised at the broker-dealer level on behalf of the SPV by default; pass-through can be enabled per integration where the broker-dealer permits. Each event is announced via signed webhook updates. Mints and redeems pause at the boundary while broker books reconcile, which keeps on-chain NAV in sync with the underlying.
Built right, the trade-offs are small relative to what becomes possible. fAAPL is what AAPL should have always been. fSGOV is what holding T-bills should have always been. Composable, transferable, instantly settled, programmable. Same convention across stocks, treasury yield, commodities, FX, ETFs, and fixed income.
