Borrowers deposit tokenized equities into per-asset escrow vaults and borrow USDT from a single borrowable USDT vault; suppliers of USDT earn the interest borrowers pay. There are no origination fees — borrowers only pay the interest rate set by a Kink interest rate model — and the USDT vault takes a 25% interest fee. An automated keeper fetches stock prices from Chainlink Data Streams, applies Ondo's share conversion rate, validates them through a circuit breaker and cumulative deviation cap, and pushes them to Poppie's oracle contracts, which Euler reads for borrowing capacity and liquidations. All parameter changes route through a timelock with a minimum delay of one day.

Poppie is a decentralized lending protocol on BNB Smart Chain built specifically for tokenized equities. Users deposit Ondo Global Markets tokenized stocks and ETFs as collateral and borrow USDT against them without KYC, accounts or approvals. The protocol is deployed on Euler V2, using ERC-4626 vaults with isolated per-asset risk and reverse Dutch auction liquidations, and adds an equity-specific oracle stack with market-hour awareness and per-asset pausing.

Poppie is built and operated by the team at Oku Trade, which manages the protocol's configuration on Euler V2. It serves holders of tokenized equities who want liquidity without selling, DeFi users seeking equity exposure, professional investors and institutions, and USDT lenders supplying the borrowable vault to earn interest.