Tradable LatAm Middle-Market Lender SSTL

pc0000085
Rank #238•ZkSync Ecosystem, Real World Assets (RWA), Tradable Ecosystem
CoinYQ Dossier

A loan whose name is public, while its obligors remain behind the door

PC0000085 places a funded-ownership ledger on ZKsync. The part that decides repayment still lives elsewhere: a signed note, an unnamed borrower, collateral documents, an originator’s bank and custody accounts, and a waterfall the public metadata does not show.

The token has three names and none is the issuer

Coin catalogs call it “Tradable LatAm Middle-Market Lender SSTL.” The contract says “Private Credit Direct Deal0000085.” Its IPFS title says “Latin America Middle-Market Lender Sr. Secured Delayed Draw Term Loan.” Contract, symbol and CID connect these labels, but branding does not identify the legal issuer.

Tradable’s current terms sharpen the boundary: Tradable Corp provides software and workflows, does not hold customer funds or securities, and is not a registered broker-dealer or adviser. Describing Tradable as the note issuer would therefore outrun the public evidence.

An anonymized company sits between the token and Mexican borrowers

The metadata describes the borrower only as a cross-border investment company that makes structured leveraged loans to Mexican middle-market businesses. The $100 million delayed-draw facility lends to that company; the company then finances new obligor loans.

PC0000085 does not make its holder the direct lender of record to every Mexican business. The reviewed public materials do not establish the exact borrower, note issuer, custody chain or assignment terms. Tradable describes a process for accessing de-anonymized materials after an NDA and originator approval.

SOFR sets the meter; documents decide who receives the reading

The public rate is one-month Term SOFR plus 5.50%, floored at 7.75%, with a $10 million first draw. The IPFS record says maturity is December 2026, while a public listing says 16 January 2027. That conflict cannot be solved by choosing the more precise-looking date.

The warrant terms have two distinct bases. For warrants on eligible loans, the originator receives 25% of economic returns above the structural put price, with zero value to the originator if the warrant is put to the obligor. For warrants issued to compensate an obligor covenant breach, the originator receives 25% of all economics irrespective of that put price. The reviewed metadata does not establish a waterfall passing this income to token holders.

Funding leaves ZKsync before credit risk begins

Wallet investors prefund USDC; after acceptance and legal commitment, funds move to the originator’s Circle Mint or digital-asset custody account, are off-ramped, and then move to an off-chain qualified custodian. Wire investors pay the originator directly.

The originator later supplies USDC for on-chain interest or principal. The contract allocates interest by ownership proportion and time and burns supply as principal is repaid. Smart contracts distribute money supplied to them; they do not force the anonymized borrower to pay.

Compliance is part of transfer, not a sign-up screen

The deal metadata currently allows US wallets with Qualified Purchaser status and an AML score at or below 3. Tradable says a mint or transfer fails when the destination no longer satisfies the configured requirements.

A secondary-market label therefore does not imply permissionless liquidity. The originator approves primary participation, can gate de-anonymized materials behind an NDA, and may approve or reject an early redemption request.

A Beacon can change the ledger layer while the note remains off-chain

The creation transaction routed through Tradable’s Deal Factory and installed a Beacon proxy. Tradable lists the Deal Beacon, Access Manager, Registry, Price Engine and Factory and says these components are upgradeable.

That architecture supports compliance changes and servicing workflows, but creates administrator dependency. The explorer API does not publish verified source for this deal address, so current role holders, pause-like paths and the full mint/burn authority cannot be independently audited from source.

“Senior secured” is a rank claim awaiting its schedule

Public metadata does not disclose collateral assets, guarantors, lien perfection, borrowing-base tests, intercreditor terms, enforcement venue or the waterfall from obligors through borrower and note issuer to holders. Nor does Tradable’s Delaware service-law clause establish the loan’s governing law.

The token proves an on-chain balance. The subscription agreement and definitive credit documents must prove the legal claim, payment priority and remedies. Without them, $1 pricing and a large token supply are accounting signals, not evidence that principal is liquid or riskless.

How the project changed

  1. 2024-11-14
    Deal0000085 is created on ZKsync

    Tradable’s Deal Factory creates the Beacon-proxy token and pins anonymized terms to IPFS.

  2. 2026-12
    Maturity in the primary metadata

    The transaction-pinned IPFS record states that the notes are due in December 2026.

  3. 2027-01-16
    A conflicting public maturity date

    The security-token listing’s highlights give 16 January 2027, leaving the definitive document controlling.

Evidence and primary sources

Last evidence review: 2026-09-05

What is Tradable LatAm Middle-Market Lender SSTL?

The catalog label “Tradable LatAm Middle-Market Lender SSTL” points to ZKsync Era contract 0xfeAfDE23fb2364896C297c3Fa6628f04601a035b. The contract itself calls the asset “Private Credit Direct Deal0000085,” symbol PC0000085, with six decimals. Its creation transaction pins IPFS metadata titled “Latin America Middle-Market Lender Sr. Secured Delayed Draw Term Loan.” Those identifiers refer to one permissioned deal token, but none names the legal issuer or borrower.

The metadata describes a cross-border investment company that makes structured leveraged loans to middle-market businesses in Mexico and a $100 million delayed-draw senior secured facility intended to finance new loans. PC0000085 records funded ownership in that deal after subscription and funding. It is not a freely transferable cryptocurrency, a share in Tradable Corp or direct title to each Mexican obligor loan.

What problem does Tradable LatAm Middle-Market Lender SSTL solve?

Private credit is negotiated in subscription agreements, loan documents, custodial accounts and administrator records. Tradable tries to give that ownership record programmable rails without publishing the borrower’s confidential data: approved investors fund by wire or USDC, an originator confirms funds, tokens are minted, and later distributions and principal burns mirror off-chain performance. The chain improves recordkeeping; it does not move the borrower, collateral or enforcement court onto ZKsync.

How does Tradable LatAm Middle-Market Lender SSTL work?

The public metadata states floating cash interest of one-month Term SOFR plus 5.50%, subject to a 7.75% floor, a $10 million day-one draw and December 2026 maturity. It also says the originator receives 25% of returns above a structural put price on eligible warrants and 25% of all economics on warrants issued for covenant breaches. It does not say that token holders automatically receive those warrant proceeds.

Tradable’s generic workflow requires identity screening and deal-specific eligibility. The metadata currently encodes allowed country US, investor status QualifiedPurchaser and maximum AML risk score 3. Once an offer and subscription are accepted and money is received, deal tokens are minted. On-chain interest and principal require the originator to send USDC; interest accrues pro rata by ownership proportion and time and principal repayment burns tokens proportionally. Early redemption is a request the originator may deny and also needs USDC liquidity.

The deal token is a Beacon proxy pointing to Tradable’s published Deal Beacon. Tradable says its system contracts are upgradeable and controlled through an Access Manager. The specific contract source is unverified in the public explorer API, so the exact current role holders and every mint, burn, transfer-stop or upgrade path cannot be independently reconstructed from verified source.

Key facts

  • ZKsync Era contract: 0xfeAfDE23fb2364896C297c3Fa6628f04601a035b; on-chain name Private Credit Direct Deal0000085; symbol PC0000085; six decimals.
  • The contract was created through Tradable’s Deal Factory on 14 November 2024 and points to the published Deal Beacon.
  • On 5 September 2026, totalSupply read 100,124,198.51 PC0000085; supply is an ownership ledger, not a protocol emission schedule.
  • IPFS metadata describes a $100 million delayed-draw senior secured facility, $10 million day-one draw, and loans to Mexican middle-market obligors.
  • Public cash terms are one-month Term SOFR + 5.50% with a 7.75% floor; this is borrower-credit income, not staking yield.
  • The primary metadata says December 2026 maturity; a public security-token listing says 16 January 2027. Definitive documents are needed to resolve it.
  • Metadata eligibility is US, Qualified Purchaser and AML score no higher than 3; transfers and minting must pass deal compliance.
  • Tradable Corp says it supplies technology only, holds no customer funds or securities, and is neither a registered broker-dealer nor investment adviser.

Official links

Official websiteWhitepaperBlock explorerX / Twitter

Categories

ZkSync EcosystemReal World Assets (RWA)Tradable Ecosystem

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Frequently asked questions

What exactly is PC0000085?

It is a permissioned deal token recording funded ownership in an anonymized private-credit facility. The binding claim comes from the signed subscription and deal documents, not the catalog name alone.

Who issued the legal note and who borrowed?

The public primary materials reviewed do not identify either legal entity. They describe an originator and a cross-border investment company lending to Mexican obligors. Tradable describes itself as a technology provider; those materials do not establish it as this note’s issuer.

What interest is promised?

Public metadata states one-month Term SOFR plus 5.50% with a 7.75% floor. Actual entitlement, calculation dates, default interest, deductions and priority require the definitive note and subscription agreement.

What collateral stands behind it?

Only “senior secured” is public. The collateral schedule, guarantors, borrowing base, covenants, lien jurisdiction and perfection evidence are not in the public metadata.

Can anyone receive or trade the token?

No. Current metadata encodes US, Qualified Purchaser and an AML threshold, while Tradable says minting and transfers fail for wallets below a deal’s compliance requirements.

Can I redeem at $1 whenever I want?

No. Tradable describes early redemption as originator-approved and liquidity-dependent. Principal repayment follows deal cash flows and burns tokens; a displayed $1 reference is not a standing Tradable redemption guarantee.

Who can mint, burn or upgrade?

Originator workflows trigger minting after confirmed funding and burning after principal payments. The token is a Beacon proxy within an Access Manager-controlled system. Public verified source does not reveal every current key holder or exact role path.

Does the warrant participation belong to holders?

The IPFS text says the originator is entitled to the warrant economics. Without the governing distribution waterfall, those proceeds cannot be assigned to PC0000085 holders.

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