Securitisation,
rebuilt from primitives.

Collateralisation, tranching, waterfalls, covenants: the first principles of securitisation,
written once to the highest standards and executed onchain, atomically, on every event.

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See the protocol in action

Share your product specs and a loan tape, and watch funding, collections and waterfalls run against your actual originations.

Loan book

Tranched protocol

Investors

One protocol instance per origination pool

Each origination pool sees its own ring-fenced protocol instance: t-loans in, tranched vault tokens out. In between, eligibility, concentrations, credit performance and waterfalls run onchain, in real time, against committed capital guarded by code.

Loan book

Tranched protocol

Investors

One protocol instance per origination pool

Each origination pool sees its own ring-fenced protocol instance: t-loans in, tranched vault tokens out. In between, eligibility, concentrations, credit performance and waterfalls run onchain, in real time, against committed capital guarded by code.

Loan book

Tranched protocol

Investors

One protocol instance per origination pool

Each origination pool sees its own ring-fenced protocol instance: t-loans in, tranched vault tokens out. In between, eligibility, concentrations, credit performance and waterfalls run onchain, in real time, against committed capital guarded by code.

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The credit box
Every t-loan is verified, tested against concentrations, and enters the fungible collateral base. It is dynamically aged, tested, valued and cured. No need for reporting, the protocol knows everything.
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Waterfalls
Distributions orchestrated by code, immutably and autonomously, at internet speed. No misallocation of proceeds is possible. No leakage can occur.
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Funding contract
Principal, interest and any other repayment components can be split any way. Principal is recycled into pre-funding instantly, interest is distributed in the right sequence. All embedded.

The real economy's most predictable payment streams, tranched

Millions of consumers and small businesses repay short-term credit every day. The protocol pools those repayments into tranches with defined risk, return and duration, packaged into a simple token.

See the protocol in action

Share your product specs and a loan tape, and watch funding, collections and waterfalls run against your actual originations.

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