Tesla and the S&P 500 Are Now on STRATO
Equity exposure you can use as collateral, in pools, or in your wallet now on STRATO
In a recent update, STRATO added wrapped SPYx and TSLAx, tokenized exposure to the S&P 500 and Tesla, to the platform. Once bridged to STRATO, you’ll be able to borrow USDST against them, and use that USDST for DeFi activities, including depositing into the savings vault, currently earning 135%.
This means you won’t just have exposure to the upside of those tokens; you can put them to work for you through the USDST you’ve borrowed against them. Best of all, instead of acting like rebasing tokens, they work like ETHst, GOLDst, or any other token.
Before This Update
STRATO used to support an on-chain equity exposure through bCSPXST, a Backed Finance S&P 500 token. But that token used a rebasing mechanism that created friction because rebasing tokens work differently from standard tokens.
With a rebasing token, the price stays constant and the number of tokens in your wallet changes. For example, if Tesla stock goes up 5%, you wouldn’t see TSLAX's price rise, you’d see 5% more TSLAX appear in your balance.
But DeFi pools, lending contracts, and collateral systems all assume a constant balance, so shifting balances break the math. Prices display incorrectly, pool ratios get confused, and collateral positions become unreliable.
STRATO now supports rebasing tokens, wrapping them as non-rebasing tokens to make it easier for users to understand and give them more utility on the platform. Smart contracts, pools, and collateral systems treat them like any other token. Price oracles and rebasing factors run behind the scenes to keep valuations accurate, so you see the correct dollar value at all times without thinking about the mechanics.
The platform handles the complexity. You don't.
For Users, This Changes Two Things
1. Equity tokens are now productive capital. Deposit SPYX or TSLAX into a CDP or lending position and borrow USDST against your equity exposure. Your Tesla position works for you instead of sitting idle.
2. Valuations are correct everywhere. Portfolio views, collateral ratios, pool positions. The numbers reflect the real underlying price at all times, with no rebasing artifacts.
STRATO vs. a Brokerage
On Robinhood, Tesla shares sit in an account and all you do is look at them. On STRATO, your TSLAX is collateral for borrowing, liquidity for earning fees, and a building block in a portfolio that spans crypto, metals, and stablecoins. They’re not just appreciating assets, they can also be productive.
Self-custody matters too. Robinhood holds your shares. On STRATO, you hold your tokens in your own wallet.
And if you're holding GOLDST, ETHST, and USDST on STRATO, adding equity exposure means your entire portfolio lives in one place. No switching between a brokerage, an exchange, and a metals dealer.
The tradeoff: SPYX and TSLAX are tokenized price exposure, not shares. No shareholder voting, no traditional dividends. For price exposure with DeFi utility layered on top, the tradeoff favors on-chain.
Try It
SPYX and TSLAX are live now. Swap USDST for either token, or put them to work as collateral and in pools.
Go to app.strato.nexus,