A zero-coupon bond wearing an equity: PT trades under spot because the dividends were cut away, and redeems the full baseline position at maturity.
Every dividend the position earns before maturity, for a fraction of the share price. Reprices hard on dividend news. No leverage, no margin, no liquidation.
Deposit a Stock Token. One incision mints equal PT and YT — the whole position, in two tradable parts.
Sell the drip and hold discounted stock, or sell the stock and hold pure dividend exposure. Pools live on Uniswap.
At maturity PT redeems the baseline, YT redeems the accrued drip. Before and after, PT + YT always merges back to the underlying — free.