$QTR
The protocol asset behind every quarter.
QUARTER earns from the mechanical work of separating, rolling and settling corporate cash flows. $QTR captures that work through fee routing, permanent burns and the collateral that secures corporate-action normalization.
- Fixed maximum supply
- 1,000,000,000
- Permanently burned
- 12.84M QTR
- Operator stake
- 46.2M QTR
- Active market bonds
- 28.4M QTR
- Insurance reserve
- $4.12M
- Protocol epoch
- Epoch 11
QTR · no further issuance
1.28% of max supply
Secures normalization
24 listed markets
18.9M QTR backing
Next roll Dec 18, 2026
Where protocol fees go
Creation, trading, roll and settlement fees are pooled each epoch and routed on a fixed schedule.
- 55%Market-buy and burn
Executed at the close of each epoch.
- 25%Corporate-action insurance reserve
Backs normalization disputes.
- 15%Protocol-owned COUPON liquidity
Seeds new maturities at listing.
- 5%Keeper and settlement incentives
Pays for settlement execution.
Quarterly protocol fees
Fee pool per epoch, in USDG equivalent.
Burn ledger
At the close of each epoch the burn share is used to market-buy $QTR, which is then permanently retired.
| Epoch | Executed | QTR burned | Value |
|---|---|---|---|
Epoch 10 Settlement and roll fees | Jun 18, 2026 | 3,142,000 | $942,600 |
Epoch 9 Settlement and roll fees | Mar 19, 2026 | 2,684,000 | $778,360 |
Epoch 8 Settlement and roll fees | Dec 18, 2025 | 2,216,000 | $598,320 |
Epoch 7 Settlement and roll fees | Sep 18, 2025 | 1,804,000 | $450,600 |
Epoch 6 Settlement and roll fees | Jun 19, 2025 | 1,398,000 | $321,540 |
Epoch 5 Settlement and roll fees | Mar 20, 2025 | 912,000 | $191,520 |
Epoch 4 Settlement and roll fees | Dec 19, 2024 | 684,000 | $129,960 |
Burn execution is recorded on Robinhood Chain once the protocol contracts are deployed. Transaction references are published in the developer documentation at that point rather than shown here.
Cumulative burn
Retired supply grows with the number of markets that settle each quarter.
Market bonds
Each listed Stock Token strip is bonded in $QTR. The bond is slashed if a market is settled against an unverified factor.
- KO7.24M QTR5 mkts
- JPM6.18M QTR5 mkts
- SPY5.46M QTR4 mkts
- XOM4.32M QTR4 mkts
- MCD2.78M QTR4 mkts
- PG2.42M QTR4 mkts
Operator staking
Normalization operators and settlement keepers stake $QTR against correct publication and timely execution.
- Normalization operator 0114.8M QTR412 actions processed99.98% uptime
- Normalization operator 0211.3M QTR388 actions processed99.94% uptime
- Normalization operator 039.6M QTR341 actions processed99.91% uptime
- Settlement keeper 016.1M QTR196 actions processed99.99% uptime
- Settlement keeper 024.4M QTR172 actions processed99.87% uptime
Insurance reserve
Backs settlement in the event that a normalized amount is later corrected. It is funded by 25% of every epoch fee pool.
69% of target coverage
- Reserve holdings
- 18.95M QTR
- Open interest covered
- $8.42M
- Coverage ratio
- 48.9%
- Claims paid to date
- 0
$QTR protocol engine
Every quarter creates
another market.
QUARTER earns from the mechanical work of separating, rolling and settling corporate cash flows. That work compounds with every additional maturity the protocol lists.
- Permanently burned
- 12.84M QTR
- Insurance reserve
- $4.12M
- Open interest
- $8.42M
- Current epoch
- Epoch 11
More Stock Tokens
Each newly supported token lists a full forward strip of maturities.
More COUPON markets
Every maturity creates an independent cash-flow market with its own curve.
More rolls and settlements
Positions roll forward each quarter, and matured claims settle against verified amounts.
More protocol fees
Creation, trading, rolling and settlement each contribute to the fee pool.
More $QTR burned
55% of the pool is market-bought and permanently retired at the close of each epoch.
$QTR is a protocol asset used for fee routing, market bonding and operator collateral. It is not a claim on the cash flows of any company, it does not represent a share of protocol revenue, and holding it confers no shareholder rights in any issuer. Supply, burn and reserve figures on this page are illustrative preview values.