Tradable LatAm Residential SSTL

pc0000089
Rank #—•
CoinYQ Dossier

A $100 million housing-loan record on ZKsync now shows zero supply

In November 2024, PC0000089 appeared on ZKsync with a public file describing a $100 million Colombian residential facility for an unnamed iBuyer active in Mexico and Colombia. The clues echoed a Habi-Victory Park Capital financing announced the year before. The current metadata differs from the initial file. Separately, on July 10, 2026 the manager burned every remaining unit. The chain records those edits and the zero balance; it does not identify the borrower or explain what legal event ended the visible position.

The first exhibit was a Habi facility, not a token

On April 19, 2023, Habi and Victory Park Capital announced a $100 million credit facility. Habi said the financing would increase its purchases and sales of used homes in Colombia. The company described a data-led business operating across Colombia and Mexico, where buying a home directly turns cash into inventory until the property is sold again.

That announcement establishes an amount, a geography and a business purpose. It does not mention Tradable, ZKsync or deal 0000089. It also does not publish the private borrower, collateral, payment waterfall or remedies later governing a token holder. The Habi facility is therefore the strongest public lead in this biography, but it cannot serve as the missing legal file.

Deal 0000089 repeated the clues, then rewrote its public terms

Four months after the Habi announcement, Tradable joined VPC and Spring Labs to build a private-credit syndication platform. On November 14, 2024, Tradable's factory initialized Private Credit Direct Deal0000089 on ZKsync. Its public IPFS file described a Colombian senior secured delayed-draw residential loan: $100 million for an iBuyer active in 15 cities in Mexico and Colombia. The amount, activity, geography and use of proceeds align closely with Habi-VPC, while the borrower remains anonymous.

The first file listed a 9% minimum target IRR, 9% to 14% cash interest, a floating formula of 7% plus the greater of 2% and three-month SOFR, a 1% management fee, US Qualified Purchaser status and a maximum AML score of 3. The current URI keeps the $100 million story but shortens the title, changes minimum target IRR to 9.93%, cash interest to 7%, listed fees to zero, investor status to 'Any' and the AML ceiling to 1. The public description was an editable operator record, not a stable copy of the private agreement.

Tradable says the signed subscription agreement creates the investment and tokens are minted only after closing and confirmation of funds. That boundary matters here: the current Deal implementation blocks ordinary holder transfers and leaves managed movement, minting, burning, eligibility and metadata changes to DealManager. The ledger can show who held a permitted balance and when it changed, but the gated agreement determines the claim behind that balance.

Fourteen burns removed the balance; the legal outcome stayed private

The event history records 47,849,888.390813 units minted over the deal's life and exactly the same amount burned. One manager transaction on July 10, 2026 burned the final 37,000,012.390813 units from 14 accounts. At the end of that block, totalSupply() was zero; it remained zero when checked on September 5. The catalog's familiar 37 million figure was therefore a rounded view taken before the final transaction.

A principal repayment can burn deal tokens under Tradable's general workflow, but the burn event does not label its own legal cause. Repayment, cancellation, refinancing and another off-chain settlement remain different possible explanations. Nor does zero supply show whether every investor received cash, whether an obligation moved to a new instrument or whether the private vehicle was released.

A closing notice, the signed subscription documents or a statement from the borrower, issuer or originator could resolve the ending. None was public in the reviewed record, and the current role holders behind the deal were not fully identified. PC0000089 therefore ends with a precise on-chain fact and an open legal question: the represented balance is gone, while the disposition of the underlying claim remains undisclosed.

How the project changed

  1. 2023-04-19
    Habi and VPC announce a $100 million facility

    The financing is intended to support Habi’s Colombian used-home purchases and sales, creating the identifiable private-credit history that later metadata appears to mirror.

  2. 2023-08-22
    Tradable joins VPC and Spring Labs

    The partners announce a platform for digitizing ownership interests and running private-credit syndication workflows.

  3. 2024-11-14
    Deal 0000089 is initialized on ZKsync

    Tradable’s factory creates the deal records and publishes anonymized terms for a Colombian residential senior secured delayed draw facility.

  4. 2026-07-10
    The last 37 million units are burned

    A manager transaction burns 37,000,012.390813 PC0000089 across 14 accounts, reducing the live supply to zero and dating the external 37 million figure as a pre-burn snapshot.

Evidence and primary sources

Last evidence review: 2026-09-05

What is Tradable LatAm Residential SSTL?

Tradable LatAm Residential SSTL is the catalog name attached to ZKsync contract 0xfb3f…cbec. The contract itself calls the token Private Credit Direct Deal0000089, symbol PC0000089, with six decimals. Its public IPFS metadata describes a Colombian Residential Senior Secured Delayed Draw Term Loan for an iBuying company operating in Mexico and Colombia. Tradable’s system uses an ERC-20-style deal token to record an eligible investor’s funded position after the investor signs the deal subscription agreement and the originator confirms receipt of funds.

The public clues closely match Habi’s April 2023 announcement of a $100 million VPC credit facility for Colombian home purchases. They do not publish the private subscription agreement, borrower and issuing vehicle, collateral schedule, waterfall or default remedies for deal 0000089. CoinYQ therefore treats Habi as the apparent economic history behind the anonymized listing, not as a proven legal identity of this specific tokenized position.

What problem does Tradable LatAm Residential SSTL solve?

Latin American used-home markets can be slow and short of dependable liquidity. Habi built an iBuying model that purchases and resells homes, and said its VPC facility would fund more Colombian inventory. A private lender can finance that activity, but participation in the loan traditionally moves through data rooms, legal subscriptions, eligibility checks, capital calls and servicing records.

Tradable’s product is meant to place that workflow and a representation of funded ownership on blockchain rails. The chain can make positions and programmed distributions easier to record. It cannot make a private loan public, remove borrower credit risk or replace the documents that define who owes what.

How does Tradable LatAm Residential SSTL work?

On 14 November 2024, Tradable’s Deal Factory created deal 0000089 and published anonymized IPFS metadata. It states a $100 million facility, a minimum 9% target IRR, a 9% minimum and 14% maximum cash interest rate, a floating formula of 7% plus the greater of 2% and three-month SOFR, a 1% management fee, and initial eligibility limited to US Qualified Purchasers with the required KYC and an AML score ceiling of 3. These are deal metadata, not a current performance report or guarantee.

Tradable’s general procedure requires identity and entity screening and deal access before an investment offer. Wallet investors pre-fund with USDC alongside that offer. If approved, the investor finalizes the commitment and signs the subscription agreement; bank-wire investors fund after finalization. This describes platform routes, not which route this deal actually used. Tokens are minted only after closing and the originator confirms funds; distributions may happen on-chain or off-chain. Tradable’s general docs describe compliance-gated transfers; the current verified implementation is stricter, disabling ordinary approve, transfer and transferFrom while allowing only the DealManager to move balances. Early redemption depends on the deal, available liquidity and originator approval, while principal repayment burns the corresponding tokens. The product docs still label secondary trading as coming soon.

Live RPC calls at review returned the exact name, symbol, six decimals and totalSupply() of zero. The address has no verified source on ZKsync Explorer. Tradable documents a shared upgradeable architecture using an Access Manager, UUPS contracts and a Deal Beacon, but that architecture does not reveal the current people or legal entities holding every privileged role for this individual deal. A market-data figure or one-dollar reference price should therefore not be read as minted circulation or an unconditional redemption promise.

The metadata is mutable. Its initial file used the longer Colombian title, a 9% minimum target IRR, 9–14% cash interest and a 1% management fee. The current URI instead says LatAm Residential Senior Secured Term Loan, 9.93% minimum target IRR, 7% cash rate and zero listed management, performance and expense fees; it now records US recipients with investor status ‘Any’ and an AML score ceiling of 1. These changes are operator records, not amendments CoinYQ can verify against the private legal contract.

Key facts

  • The on-chain name is Private Credit Direct Deal0000089 and the symbol is PC0000089; the ZKsync address is 0xfb3fccdd38a96c3f769c62e578323f22c3bfcbec.
  • Tradable’s factory initialized deal 0000089 on 2024-11-14; its public metadata identifies a Colombian residential senior secured delayed draw term loan.
  • The metadata describes a $100 million facility for a LatAm iBuyer active in Mexico and Colombia, with a 9% minimum target IRR and a floating-rate formula.
  • The anonymous details closely align with Habi and VPC’s public 2023 $100 million facility, but the private deal documents tying that borrower to PC0000089 were not publicly available.
  • Only screened eligible investors can receive the token; the initial metadata restricted it to US Qualified Purchasers, while the current file says US recipients with investor status ‘Any’.
  • Tradable says legal investment occurs through a signed subscription agreement, and tokens are minted after closing and confirmation of funds.
  • Across its history 47,849,888.390813 units were minted and the same amount burned. On 2026-07-10, 14 burns removed the final 37,000,012.390813 units, explaining the current zero supply and the stale external 37 million figure.
  • The current verified shared Deal implementation disables approve(), transfer() and transferFrom(); only the DealManager can mint, burn, move balances and change eligibility, metadata, NAV, total size and holder limits.
  • Tradable’s general architecture is upgradeable and access-managed; originators control approvals, capital calls, distributions and redemption decisions.
  • PC0000089 does not by itself prove ownership of a house, Habi equity, a mortgage, free transfer, a guaranteed yield or redemption at $1. Those rights depend on the signed deal documents.
  • The current mutable metadata now says LatAm Residential Senior Secured Term Loan, 9.93% minimum target IRR, 7% cash rate, zero listed fees, US country and investor status ‘Any’; the initial file used different rates, fees, AML threshold and Qualified Purchaser status.

Official links

Official websiteWhitepaperBlock explorerX / Twitter

Frequently asked questions

Is PC0000089 a stablecoin worth one dollar?

No fixed-price redemption right was found. It is a private-credit position token. A one-dollar display value can be an accounting reference, while repayment, valuation and loss depend on the loan and its legal documents.

Is the borrower Habi?

The anonymized metadata and Habi’s public VPC financing match in amount, geography, iBuying business and purpose. The gated subscription documents needed to establish the exact borrower, issuer and legal chain for PC0000089 were not public, so CoinYQ describes Habi as the apparent match rather than a proven legal identity.

Why does the live supply read zero?

The contract is empty because the manager burned the final 37,000,012.390813 units across 14 accounts on 10 July 2026. Historical logs show 47,849,888.390813 minted and the same amount burned. Public records do not establish whether the burn means repayment, cancellation or another off-chain settlement.

Can anyone buy or transfer it?

No. Tradable requires identity and organization screening. The initial metadata limited recipients to US Qualified Purchasers; the current file still limits the country to the US but changes investor status to ‘Any’ and tightens the AML-score ceiling from 3 to 1. The contract rejects ordinary holder transfers, and manager-controlled movements remain subject to eligibility.

Can a holder redeem whenever they want?

Tradable’s general process allows a redemption request only where the deal permits it. The originator may approve or deny it, and payment depends on available liquidity. The specific subscription agreement controls.

What does senior secured mean here?

It describes the loan’s stated rank and collateral structure. It does not guarantee full recovery: collateral value, perfection, enforcement, expenses and the payment waterfall depend on private legal documents that were not public.

Who controls the token contract?

Tradable documents an access-managed, upgradeable system with a Deal Beacon and factory. The PC0000089 source is unverified, so CoinYQ could not independently map every current administrator or the legal controller of each privileged address.

External trackers

Choose a tracking site for Tradable LatAm Residential SSTL:

Track price on CoinGeckoTrack price on CoinMarketCapTrack price on Binance