💎 Nvidia’s dividends can now be separated and traded on-chain.

A single US stock is growing into three businesses: trading fees from buying and selling, service fees from splitting dividends, and interest from collateralized borrowing.
That is also why I will research $UNI , $PENDLE , and $PARE along the same mainline.
Let’s start with the change that is easiest to overlook.
$Pendle has announced the launch of dividend markets for Nvidia and Pfizer. When people are equally bullish on a stock, some want to retain price exposure, while others want to trade the dividends over the coming period. These two demands are beginning to have their own on-chain markets. Official announcement
$PARE is also pursuing this business: separating stock exposure from dividends during the period and pricing them independently. The stock price will still fluctuate, and dividends still depend on actual distributions, but the protocol gains fee-generating scenarios such as splitting and yield settlement. PARE mechanism
For yield trading protocols, every additional yield-bearing asset that people are willing to trade creates a potential new source of revenue.
Whether the money can flow back into the token you bought is the most critical step afterward.
Under the rules, 80% of Pendle V2 yield fees and trading fees is used to buy back PENDLE; PARE’s documents also direct part of its revenue toward buybacks and burns. What is truly worth watching next is how much additional fees the US stock business contributes and how many buybacks have actually been executed. PENDLE rules｜PARE use of fees
Looking further ahead, once stocks come in, there must be somewhere to trade them.
Uniswap has taken on Robinhood stock token trading. Robinhood Chain v2/v3 protocol fees have also been integrated into the UNI burn mechanism. For UNI, the upside of this narrative comes from whether new assets can generate sustained trading volume and depth, and how much of it can be converted into protocol fees. Trading announcement｜Fee proposal
Looking further ahead, holders will also have financing needs.
Morpho already supports using Ondo’s SPYon as collateral to borrow Qon and USDC. Stock ETF exposure is retained while some funds are released, at the cost of borrowing interest and liquidation risk. Morpho case
This means that after assets enter the on-chain ecosystem, they can continue to generate demand for trading, yield management, and financing. Whoever captures these demands will have the opportunity to collect fees on an ongoing basis.
On September 17, the SEC issued conditional innovation exemptive relief with a five-year term, adding another catalyst to this narrative. Specific products must still meet requirements concerning shareholder rights, issuer arrangements, and other matters; existing overseas stock tokens cannot automatically rely on it. SEC announcement
My view: This round of policy-driven momentum is entering the business validation phase.
Over the next week, I will watch four things: stock-pool trading volume and depth, dividend-market fees, actual borrowing balances, and the execution of revenue buybacks.
If several sets of data improve together, the relevant protocols will have more grounds for revaluation; if token prices surge first while business and revenue continue to lag, beware of expectations falling short.
In the on-chain US stock story, the most important thing to watch next is whose revenue materializes first.