Tradable LatAm Fintech SSTN

At 0x5aBe0a2ead1357F70E73F5b60E227dF64A54ddD5, live calls return Private Credit Direct Deal0000097, symbol PC0000097, six decimals and deal UUID 3e338780-9d2f-47a3-ab9d-440a83e49b2d. The contract is closed-ended, with a 300 million-unit total-size setting and a maximum of 50 holders.

On 5 September 2026, totalSupply and holders both returned zero. The eligibility lists did not vanish: 33 addresses remained eligible and all 33 were tagged as fiat accounts. The shell of the administered register therefore persists after its balance sheet reached zero.

A quoted market price or catalog supply cannot override that state. Yet zero is not a legal conclusion. It says the manager burned the ledger units; it does not say whether the underlying note was paid, replaced, cancelled, accelerated, written off or kept as an offchain claim.

The public transfer history begins on 18 November 2024 with 96.9 million units minted across eleven accounts. Further mints and partial burns changed the register through September 2025. Across the full history, mint events total 176,190,397.708414 units and burn events total exactly the same amount.

Supply stood at 125,037,576.661999 after the final September mint. On 10 October 2025, fifteen burns removed that entire balance. Tradable’s general workflow says all tokens are burned when principal has been fully repaid, so repayment is one possible explanation. The same public record contains no PC0000097-specific remittance, payoff letter or legal release that makes it the only explanation.

The metadata selected by the contract names LatAm Fintech Senior Secured Term Notes. It sketches an unnamed online direct lender to near-prime consumers in Mexico, offering personal loans, buy-now-pay-later and earned-wage advances of $25–$1,000 for up to 200 days. It says underwriting uses data analytics and machine learning.

That description identifies a business model and the country of its customers. It does not identify the legal borrower, issuer, guarantor or their jurisdiction. Nor does “senior secured” disclose collateral, lien filings, priority, a security agent or the path from delinquent Mexican consumer loans to noteholder recovery.

Tradable’s own originator guide explains why the file is split. Anonymized fields can be public on IPFS, while deal documents sit in a data room available only after an NDA and originator permission. Tradable Corp. now defines its role as technology and workflow, not custody, brokerage or advice. Victory Park Capital’s platform partnership likewise does not assign it a PC0000097 obligation.

Current metadata states floating interest, an 11.13% minimum target IRR, 11%–14% cash interest, 0% minimum PIK and no management, performance or expense fee. These are operator-editable metadata fields, not a coupon guarantee. Benchmark, spread, payment calendar, default interest and covenant tests are blank or absent.

Its embedded eligibility object permits US accounts, any entity type and any investor status up to AML risk score 1. A secondary offering directory says the opposite geography—International Non-US—and adds a $1 million minimum. The same directory reports a $150 million deal, an 11-year-9-month term, 16 December 2027 maturity and 2% origination fee, while the live contract says total size 300 million and current primary metadata gives no maturity.

Those mismatches cannot be solved by choosing the most detailed page. The subscription and note agreements would determine who was admitted, which fee applied and whether a maturity was amended. No public definitive offering document was found, and the total burn in October 2025 arrived more than two years before the directory’s stated maturity.

The verified implementation deliberately reverts approve, transfer and transferFrom. It reserves mint, burn and managed transfer to the Deal manager, together with eligibility, fiat-account tags, NAV, metadata, total size, holder limit and open-ended status. PC0000097 names 0x7437cb31f3a1b93d770ca047ee56436913cc198c as that manager.

The token’s EIP-1967 slot points to Tradable Deal Beacon 0x1E2f5e41Ea5dCB62c8303e240E1d513eD4eC3d74, which returned implementation 0x85774b6c4a2f72315050084efa3b982df5a7ea67 on the review date. This makes the function map public and the human authority incomplete: Tradable describes access management, but the reviewed sources do not identify every signer, threshold, delay or emergency route behind the manager and beacon.

Tradable screens investors before deal access. A wallet investor prefunds the commitment in USDC when submitting an offer; a bank-funded investor sends funds after finalizing the legal commitment. The originator reviews the offer, and acceptance is followed by the subscription agreement. Tokens are minted only after the deal closes and the originator confirms receipt, to an eligible address. For onchain investors, the originator supplies USDC to distribute interest according to ownership and holding time and to repay principal. Offchain investors receive funds directly in their bank accounts. Principal repayments burn the corresponding token units after receipt. Early redemption may be denied and requires available USDC liquidity. These general mechanics do not guarantee this deal’s payments.

That machinery answers how an approved payment may travel. It does not answer who legally owes PC0000097, which assets secure the promise, who services collections, which costs come out first, or how collateral proceeds flow after default. Those are waterfall and enforcement questions for the private note and security documents.

PC0000097 had no live supply or token holders on 5 September 2026. Former holders may have been paid in full, moved to another record or retained contractual rights elsewhere. The public record establishes the removal of the token balances but does not determine which legal outcome followed.