Tradable NA Neobank SSTL pc0000023

Tradable NA Neobank SSTL (listed as PC0000023 by CoinGecko; the security-token listing labels it PC1000023) is a tokenized private-credit position representing a North America neobank’s senior secured term-loan facility. The underlying company is described as a neobank offering banking and financial-management tools. The token is issued through Tradable, a syndication platform that puts institutional-grade, yield-generating assets on zkSync Era.

The facility is a delayed-draw senior secured term loan. Security Token Market reports that the originator upsized it from $100 million to $150 million in September 2023 and extended maturity by about two years, to December 15, 2026. The raise is closed, with a reported $150 million total deal size and $1 million minimum investment.

The asset is fixed-income/private credit rather than an ordinary cryptocurrency or equity token. Its on-chain representation is an ERC-20 deal token, with transfers constrained by Tradable’s compliance rules. CoinGecko categorizes it under Real World Assets, the zkSync ecosystem, and the Tradable ecosystem.

Tradable’s platform is designed to connect private-credit issuers and qualified/permissioned investors, automate parts of compliance and distribution, and provide redemption or future secondary-market pathways where available. The token therefore provides blockchain-based recordkeeping and potential liquidity around an underlying loan exposure, not a claim on the neobank’s common stock.

Private credit is traditionally difficult for many investors to access: allocations are negotiated off-chain, ownership records and reporting are fragmented, and minimum commitments can be large. Tradable’s stated purpose is to make private credit more accessible and operationally manageable by putting deal representations and selected metadata on-chain while preserving permissioning.

A neobank lender also faces the normal risks of credit underwriting, floating-rate exposure, delayed draws, borrower performance, refinancing and maturity repayment. The token’s value and cash flows depend on the underlying loan and servicing/originator performance; the token is not a guaranteed deposit, and it has no stated public credit rating in the listing.

Liquidity is not equivalent to that of a major cryptocurrency. Tradable documents say redemptions depend on approval and available USDC liquidity, while the secondary-market feature was described as forthcoming in the product documentation. Transfer restrictions, investor eligibility, jurisdiction, AML/KYC screening and limited trading volume can all constrain exits.

Tradable originators list a deal and deploy an ERC-20 smart contract on zkSync Era. The contract can encode country, investor-type, AML-risk and other eligibility requirements, so transfers to noncompliant addresses fail. For this deal, the listed contract address is 0xae0d8cad4ce522538ae34386c319c7ccd11fe428.

Investors review the opportunity, submit an allocation offer, and—after originator approval—finalize the commitment and subscription agreement. Tradable’s docs state that wallet-funded investors prefund with USDC; depending on deal terms, commitments can instead be funded by wire. The listing describes this facility as drawdown capital-call type, with on-chain prefunding and a day-one draw of $0.

After the deal closes and funds are confirmed, deal tokens representing ownership stakes are minted to the investor’s approved address. For crypto-native investors, interest can be sent in USDC to the deal contract and allocated pro rata based on ownership percentage and holding duration; off-chain investors receive wires determined by the fund administrator. The listing reports floating cash interest of 8–11% and a target net return of 7.79%, with 0% management, performance and expense fees and a 2% origination fee.

As principal is repaid, the contract distributes repayments and burns the corresponding deal tokens; full repayment removes all tokens from circulation. Before maturity, an investor may request redemption, but the originator may approve or deny it and must have liquidity. Tradable’s docs also describe planned secondary venues, subject to the token’s permissioned-transfer rules.