Extending Stock Token borrowing to 24/5
Nine Stock Token markets now support extended sessions, with fresh price checks, collateral-sale checks and small initial borrowing caps.
Dockyard has deployed conditional 24/5 borrowing support across its nine Stock Token markets: AAPL, MSFT, GOOGL, AMZN, META, NVDA, AMD, MU and TSLA. Each can now qualify for new loans during overnight, premarket, regular and after-hours trading.
The rollout started with AAPL. We have now extended the same checks to the other eight stocks while keeping their existing borrowing limits. The services are running in production. Sustained availability across live trading sessions is still being validated.
For borrowers, the aim is straightforward: more opportunities to borrow USDG against Stock Tokens while keeping exposure to their price. Deposited tokens remain collateral and can be lost through liquidation.
Following the full trading day
Stock Tokens move onchain, but their underlying markets have trading sessions, holidays and periods of thin liquidity. New borrowing needs a recent, usable price and a credible way to sell collateral if a loan becomes unsafe.
Our earlier regular-hours policy offered a narrow borrowing window. The new policy follows four sessions and selects the appropriate data feed automatically:
| Session | New York time | Data used by Dockyard |
|---|---|---|
| Overnight | 20:00–04:00 | Blue Ocean trades and quotes through Alpaca |
| Premarket | 04:00–09:30 | Consolidated U.S. market data through Alpaca SIP |
| Regular | 09:30–16:00 | Alpaca SIP |
| After-hours | 16:00–20:00 | Alpaca SIP |
Blue Ocean is an alternative trading system that operates outside traditional exchange hours. Alpaca documents its overnight feed and the four-session trading schedule.
In a normal week, the schedule runs from Sunday evening through Friday evening in New York. Weekends and U.S. market holidays close the borrowing window. Dockyard also excludes after-hours borrowing on shortened trading days under its current calendar policy.
What has to pass before you can borrow
Each stock has its own market, funded liquidation keeper and approval decision. AAPL qualifying for overnight borrowing does not open MSFT or any other market automatically.
The monitor checks roughly every five seconds. For extended-session borrowing, it checks current trades and quotes against the token's onchain oracle price, accounting for the token's scaling. The selected current price observation must be less than 30 seconds old. Spread, price disagreement and corroborating-trade checks also have to pass.
Price is only part of the decision. The chain must be healthy, the token must permit the required operations, and the keeper must be ready and funded. Dockyard also simulates selling collateral through that market's actual onchain route. The sale has to cover the tested exposure and keeper profit requirement after an additional 2% haircut. A passing simulation describes the state at that moment; it cannot guarantee execution after prices or liquidity change.
Once all required checks pass, the monitor signs a short-lived approval for that specific market. The frontend includes it with the borrowing transaction. The smart contract verifies the signatures and expiry, checks collateral coverage and pool capacity, and releases USDG only if the transaction passes.
Dockyard operates the offchain monitors and signing keys. Borrowing availability therefore depends on those services and their data providers, alongside the contracts and chain. Borrower collateral and pool funds remain in the contracts.
Why an open session can still show unavailable
Each new extended session begins with a qualification period. Under healthy conditions, the initial price recovery and continuous checks take roughly 17 minutes. A failed check can make that longer.
After qualification, a brief stale-price interruption can retain the completed qualification. New borrowing stays unavailable during the interruption and the subsequent two-minute fresh-price recovery. A longer interruption, a session change or a failed operational or collateral-sale check requires qualification again.
The market page reflects that distinction. A scheduled closure shows a reopening time. A market inside its trading hours can still be unavailable while prices recover or another check fails. The opening time is the start of the opportunity to qualify.
Existing loans continue through closures
A borrowing pause does not cancel an existing loan or stop interest accruing. Repayment and collateral top-ups do not require an open trading session. Full repayment can also release the remaining collateral without a fresh borrowing approval, subject to the chain and tokens being operational.
Liquidation follows its own price, token and liveness checks. A market closure does not by itself disable it, and a borrowing pause does not protect a position from liquidation. Feed failures, token restrictions and insufficient sale liquidity can still delay execution.
The limits remain small
This update expands eligible borrowing hours. The rollout retains a 30% maximum borrowing loan-to-value ratio and a 40% liquidation threshold across these nine markets.
The total outstanding principal caps at publication are:
| Markets | Cap per market |
|---|---|
| AAPL | 50 USDG |
| MSFT, GOOGL, AMZN, META, NVDA, AMD, MU and TSLA | 10 USDG each |
These are aggregate market limits shared by borrowers. Actual capacity also depends on the pool's available USDG, existing debt and the collateral position. Borrowers should check the current market page and transaction quote.
What we are validating next
Before this deployment, all eight added markets passed data-access and collateral-sale checks. Tests covered qualification, signed approvals accepted by local contracts, stale-price recovery and refusal after a failed sale. Production checks confirmed healthy monitoring and operational keepers.
We still need sustained live observations across all four sessions. Thin trading can leave gaps in acceptable prices, and those gaps can interrupt borrowing. Deploying the schedule does not establish uninterrupted 24/5 availability.
At publication, markets are closed for the weekend and the September 7 Labor Day holiday listed in the NYSE calendar. The next scheduled opening is September 7 at 20:00 New York time, or September 8 at 00:00 UTC and 02:00 Rome time. Qualification follows that opening.
We will use the small caps to measure actual approval availability, recovery times and contract acceptance before expanding capacity. You can check each stock's current status on the Dockyard markets page.