Tradable NA Neobank SSTL

The public profile is deliberately narrow: a North American neobank offering savings accounts, debit cards and overdraft-protection advances. In September 2023, an unnamed originator reportedly enlarged its delayed-draw senior secured facility from $100 million to $150 million and moved maturity roughly two years to 2026-12-15.

That outline describes a business and a loan type, not a legal obligor. The public file does not identify the borrower’s domicile, guarantors, collateral, security agent, governing law or the order of recoveries after default. “Senior secured” is a position in documents that readers cannot inspect, not an automatic onchain lien.

On zkSync, the deal is concrete. Address 0xae0d8cad4ce522538ae34386c319c7ccd11fe428 returns UUID 77b9acac-bb39-4b6d-8740-2a08a2cb7b48, name Private Credit Direct Deal0000023 and symbol PC0000023. On 2026-09-05 it held 75 million six-decimal units against a configured size of 150 million.

The NAV was $1.000000, timestamped 2026-07-06 16:49:29 UTC. That value is an administrator-fed accounting observation. With no permissionless redemption and no exchange volume, multiplying supply by NAV produces a ledger valuation, not proof that every holder can exit at one dollar.

RWA.xyz files the same contract under PC1000023. CoinGecko files it under PC0000023 and says Victory Park Capital Advisors issued the notes. Neither assertion appears in the contract-selected metadata, which keeps the originator unnamed.

The collision is deeper: CoinGecko also assigns PC0000023 to a different Singapore fintech token at 0x5c8c39e167c604b036afd3fbb65426f9fe78ce6d. The two balances cannot be joined because their ticker matches. The full contract address and deal UUID distinguish the two records.

Tradable’s process begins outside the token. An investor must gain access from the originator, agree an allocation and sign a deal-specific subscription agreement. A wallet investor may prefund USDC, but accepted money leaves for the originator’s Circle Mint or custodial account, is off-ramped and proceeds to qualified offchain custody. Wire investors pay the originator directly.

Only after the originator confirms funding does the deal ledger mint. The token therefore records a position created by contracts and cash movements elsewhere. It is not the credit agreement, the collateral certificate or custody of loan assets.

This token points through EIP-1967 Deal Beacon 0x1E2f5e41Ea5dCB62c8303e240E1d513eD4eC3d74 to implementation 0x85774b6c4a2f72315050084efa3b982df5a7ea67. Manager 0x04b275ed78ac11ff6949b0e6ad9101d2bb5b6585 is the only caller for mint, burn, managed transfers, eligibility, NAV, metadata, size and related settings.

Normal transfer, transferFrom and approve fail. At review, 20 addresses were eligible, 18 were tagged as fiat accounts and eight had balances; six of those eight addresses represented offchain accounts. This design reconciles wires with wallets, while making the public ledger dependent on manager inputs and upgrade governance.

Tradable publishes the beacon and access architecture, but Deal0000023’s public packet does not list every authorized signer, upgrade delay, emergency route or legal owner of the manager. Contract transparency stops before the complete human control map.

Public metadata quotes floating cash interest of 8.0%–11.0% and a 7.79% minimum target IRR, with no PIK and no management, performance or expense fee. These fields summarize intended economics. They do not guarantee collections or show which fee, expense or impairment is deducted first under the signed documents.

Tradable documents a general workflow that can send interest and principal in USDC, wire fiat-account holders, and burn tokens as principal returns. It does not show that Deal0000023 has made any such payment. It also describes early redemption as conditional on the originator and liquidity. The reviewed Deal0000023 materials did not establish a deal-specific early redemption option or its default, acceleration and enforcement waterfall. This does not prove that those rights or documents do not exist.

Tradable Corp defines itself as software and workflow provider rather than adviser, broker-dealer, custodian or deal obligor. A holder’s legal claim must run through separate issuer, lender and subscription documents. Until those are read, the token proves an administered balance and a risk exposure, not who must pay after the neobank fails.