Own real assets.
Keep your privacy.

Tokenized real-world assets are now everyday products. A share of Apple, an S&P 500 fund or an ounce of gold can be held as a token in a wallet the owner controls. The market that grew around them is wide and fragmented. Each issuer has its own token format, its own set of networks and its own venues, so a buyer has to know who issues what, where it trades and how its price is set.

Public ledgers add a second question. Every balance and every order on a transparent chain can be read by anyone who knows the address. For a portfolio of tokenized securities, that means holdings, entry prices and trading intent are open to the whole market.

Quero answers both. It is one market for every issuer, built on Robinhood Chain and priced by Chainlink, with privacy tools that a user can check on chain:

• A catalog that lists each underlying asset once, with every issuer and network that offers it.
• Swap and Bridge with routes from LI.FI across the decentralized exchanges on Robinhood Chain and the bridges into it.
• A Dark Pool where orders stay sealed until the batch closes and cross at the Chainlink price.
• Shield, fixed-denomination pools where a zero-knowledge proof separates a withdrawal from its deposit.
• An anti-quantum wallet whose only key is a hash-based SLH-DSA signature.

Assets listed

1,719

Issuers

6

Networks

9

On Robinhood Chain

97

Quero's catalog is built from LI.FI's token lists for nine networks: Robinhood Chain, Ethereum, Solana, Arbitrum, Base, BNB Chain, Optimism, Polygon and Avalanche. Each issuer is recognized by its own naming scheme, the issuer's mark is removed to find the underlying ticker, and every listing of that ticker is grouped under one asset page. On 8 November 2026 the catalog held 1,719 assets: 1,522 stocks, 151 ETFs, 31 treasury products and 15 commodities.

An asset page shows the asset's price, every issuer that tokenizes it, the networks each issuer uses and the token address on each network. Robinhood stock tokens are read straight from Robinhood Chain: their price comes from the Chainlink feed for that stock, and the value of the tokens outstanding is their supply multiplied by that price. The Oracle feeds page lists every Chainlink feed on Robinhood Chain with its latest answer, heartbeat and update time.

Swap and Bridge takes a user from what they hold to the asset they want. Quotes come from LI.FI, which compares routes across the decentralized exchanges on Robinhood Chain and across bridges from other networks, including Solana. The interface shows the expected output and the price impact of each route before the wallet asks for a signature.

• Approvals are exact: the wallet approves the amount of the swap.
• Every transaction is simulated first, so a route that would fail is shown as an error before anything is signed.
• Each pool a route passes through charges its own pool fee, paid to that pool's liquidity providers, and gas is paid in Ethereum to Robinhood Chain.

Markets

17

Commit window

10 min

Reveal window

5 min

Fee on a fill

0.10%

The Dark Pool crosses buy and sell orders for one tokenized asset against Global Dollar (USDG), between traders, at the Chainlink price. Time is divided into batches of fifteen minutes: a ten-minute commit window followed by a five-minute reveal window. During the commit window an order is only a hash, so its side, size and limit stay private while the batch is open.

1. 1DepositMove the asset or USDG into your balance in the pool. A balance can be topped up at any time, so a deposit stays separate from any order.
2. 2CommitSend the hash of your side, amount, limit price and a random salt. The hash also binds the pool, the chain, the batch and your wallet.
3. 3RevealIn the reveal window, publish the order behind your hash. The contract checks it against the commitment and sets the amount aside from your balance.
4. 4SettleOnce the batch ends, any wallet can settle it. The contract reads the Chainlink price, crosses every order whose limit that price meets, and fills the larger side pro rata.
5. 5WithdrawFilled amounts and anything that did not cross return to your balance in the pool, ready for the next batch or for withdrawal.

Seventeen markets are open, each against USDG: SPY, QQQ, GLD, SLV, SGOV, AAPL, MSFT, NVDA, AMZN, GOOGL, META, TSLA, AMD, TSM, COIN, PLTR and MSTR. The pool is built for size: an order starts at 1,000 USDG of value at the oracle price. The fee is 0.10% of what a filled order receives and goes to the Quero treasury. Payouts round down and payments round up, with the rounding remainder credited to the treasury, so the contract always holds at least what it owes to its traders.

Window lengths, the fee and the order minimum are immutable values fixed when each pool was deployed, and every pool is open to any wallet.

Pools

4

Proof system

PLONK

Tree depth

20

Who can shield

Any wallet

Shield separates where funds come from and where they go. Each Shield pool accepts one fixed amount: 0.1 Ethereum, 1 Ethereum, 100 USDG or 1,000 USDG. Every deposit in a pool is the same size, so a withdrawal could belong to any of them, and each new deposit widens that set.

1. 1Create a noteThe browser draws two random numbers, a nullifier and a secret. The note that holds them is the key to the deposit and stays with the user.
2. 2ShieldThe deposit sends the pool amount with a commitment, the Poseidon hash of the nullifier and the secret. The pool adds it as a leaf of a Poseidon Merkle tree twenty levels deep.
3. 3ProveTo withdraw, the browser builds a PLONK proof that the note belongs to one of the pool's leaves, without saying which one, and publishes the hash of the nullifier so the same note can be used once.
4. 4Withdraw or swapThe pool pays the recipient the user chose, or swaps the amount to USDG or Ethereum in the same transaction through the Uniswap V2 router on Robinhood Chain.

The proof also commits to the withdrawal's parameters: chain, pool, recipient, relayer, fee, swap path, minimum output and deadline. A proof therefore pays exactly the recipient its owner chose. Any wallet can submit it, so a withdrawal can come from a fresh wallet. PLONK uses a universal setup shared across circuits.

Shield V2

Shield V2 extends the pools into a shielded balance: orders on the same pair and side are combined into one swap, each trader's fill settles back into their shielded balance, and tokenized stocks can be held inside Shield, sold back into USDG or withdrawn at any time. Shield V2 is coming soon.

Ordinary wallets sign with ECDSA over secp256k1, a scheme that quantum computers are expected to break. Quero's anti-quantum wallet is an ERC-4337 smart account whose only authority is an SLH-DSA-SHA2-128s signature, the stateless hash-based scheme standardized by NIST as FIPS 205. Its security rests on the SHA-256 hash function, and only the account's SLH-DSA key can move what it holds.

1. 1CreateThe browser generates a 24-word recovery phrase and derives the account's SLH-DSA key from it with HKDF-SHA256. The account address is known before the account is deployed.
2. 2UnlockA passkey on the device unlocks an encrypted copy of the key, so day-to-day use takes one passkey touch. The 24 words restore the account on any device.
3. 3SignEach action becomes an ERC-4337 user operation, signed with SLH-DSA in a background worker of the browser.
4. 4SubmitA relay at relay.quero.family hands the signed operation to the EntryPoint. The signature covers the whole operation, so the relay delivers it exactly as signed.

The account appears as one more choice in Connect, next to the wallets the browser already holds, and works with every Quero feature: Swap, Dark Pool, Shield, portfolio and sign-in. Sign-in accepts the account through ERC-1271, and through ERC-6492 before its first transaction deploys it. The account pays its own gas in Ethereum. The recovery phrase and the key are created and kept in the browser; the relay receives only signed operations.

Credit pools let depositors fund loans arranged by approved managers. A pool collects one stablecoin from depositors, who receive ERC-4626 shares. An approved manager lends part of the pool to borrowers, and borrowers repay principal and interest on chain. Every draw and every repayment is a public event, so a pool's book can be read by anyone.

• Interest raises the share price, so depositors earn as loans are repaid.
• Each pool states its borrower profile, target rate, term and reporting in a terms document fixed at creation.
• A share of every pool always stays liquid for withdrawals, at a ratio fixed when the pool is created.
• The manager's fee is a share of interest only, at most 20%, and is fixed when the pool is created.

Quero's credit pool factory is deployed on Robinhood Chain at 0xd880f10e40eF2A6c07C355f61059eDDE8A3744c2. Pools open in the app soon.

Every price that moves value in Quero comes from Chainlink. The Dark Pool reads a small adapter, ArcaneChainlinkFeed, which combines two Chainlink USD feeds, the asset's feed and the USDG feed, into the price of the asset in USDG base units, scaled by 10^36. For the SPY pool, for example, the adapter reads the RHSPY / USD and USDG / USD feeds.

• The adapter is a fixed contract that reports exactly what Chainlink publishes.
• The adapter accepts only a recent round from each feed, so a batch settles on a current price.

Quero's contracts are written in Solidity 0.8.26 on OpenZeppelin 5. The Dark Pool and Shield contracts are deployed without a proxy, and their tokens, fee, windows, minimum and denomination are immutable values set at deployment. Balances in these contracts move only through their owner's own transaction or proof. Funds stay in the user's wallet or in these contracts, and the user signs every transaction.

What you sign

Deployed contracts

QUERO is the coin of the Quero project on Robinhood Chain. The values below are read from its contract.

Holder utility for QUERO is announced on quero.family and in the next edition of this paper.

These features are coming soon. Each one opens in the app as it is released.

1. 1Shield V2Batched swaps into a shielded balance: hold, buy and sell tokenized assets inside Shield.
2. 2Multi-chain buyingBuy any listing in the catalog from Quero, on whichever of the nine networks its issuer uses.
3. 3BasketsOne token backed by a fixed quantity of each component asset, minted by depositing the components and redeemed for them.
4. 4LiquidityEvery liquidity pool on Robinhood Chain with its exchange, fee tier, depth, volume and estimated fee yield, with deposits from Quero.
5. 5Investor verificationVerify once with a provider and prove eligibility on chain with a zero-knowledge credential, without revealing identity, country or date of birth.
6. 6IssuanceIssuers launch permissioned ERC-3643 tokens with compliance rules and an offering document anchored on chain by its hash.

Quero is at quero.family and on X as @querofamily. Questions about this paper: official@quero.family.