Tradable NA Third Party Online Merchant SSTN

At 0xd8916e15d351dc728414e99a4883c72010ee11f8, the token answers with PC0000015, six decimals and deal UUID e88bc5d5-e2ad-4a37-8b19-ab48a95a81b0. Its own metadata URI resolves to North America Third Party Online Merchant Senior Secured Term Notes. That fixes the technical identity more firmly than a market ticker.

The metadata then stops at a profile: a technology-enabled platform buys e-commerce brands, chiefly Amazon Marketplace sellers with $2–15 million revenue and $0.5–6 million contribution margin. It does not publish the company, legal issuer or obligor. “Senior secured” is a label until the collateral grant, lien priority and enforcement parties are read.

This asymmetry is deliberate private-market architecture. The public layer carries anonymized terms and balances; de-anonymized documents sit behind eligibility, NDA and originator approval. The biography must therefore treat missing names as the main diligence boundary, not fill them with a familiar Tradable partner.

Tradable’s lifecycle begins with screening and an offer, not a wallet swap. An originator may accept, reject or change the allocation. Only after the investor finalizes a legal commitment and signs the subscription agreement does confirmed funding lead to minted deal units.

Wallet investors may prefund USDC. Accepted capital then travels to the originator’s Circle Mint or custodial account, is off-ramped and enters qualified offchain custody. The token records a position after that crossing; it does not hold the underlying merchant assets or disclose where every dollar ultimately sits.

On 5 September 2026 the contract returned 25 eligible accounts, 25 fiat accounts and 12 holders. Every holder tuple was marked fiat. The onchain register is thus mirroring positions administered outside wallets, rather than documenting twelve independently transferable bearer claims.

That explains why a supply figure is informative but incomplete. Total supply was 105,971,759.52 against a configured 350,000,000 total size. It shows what the manager has recorded outstanding, not an audited loan balance, fair value, cash reserve or proof that collateral of the same amount exists.

The first mint and yield-start timestamp are 18 November 2024. Later events include both burns and mints, consistent with an actively administered register. Their legal reasons—new funding, partial principal, refinancing or corrections—are not encoded in the transfer event alone.

The verified shared Deal implementation disables approve, transfer and transferFrom. It gives the unique Deal manager the opposite powers: mint, burn, arbitrary managed transfer, eligibility changes, fiat tagging, NAV and metadata updates, total-size changes and configuration edits.

For PC0000015 that manager is 0xfd24e81c960d5590a2355374432b4a53ec07b1cc. Its source is not verified. The token points through the EIP-1967 beacon slot to Tradable’s listed Deal Beacon and today to the verified Deal implementation, so changing the beacon implementation can alter the common execution logic without moving the token address.

Tradable documents an Access Management system, but the accessible materials reviewed did not identify every current signer, approval threshold or upgrade delay. The technical control map is therefore clearer at the function level than at the human-authority level.

Current metadata states floating interest, a 14% minimum target IRR and 14%–18% cash interest. It shows 0% minimum PIK and zero management, performance and expense fees. These are published deal fields; they are not a payment guarantee, and the reviewed accessible materials do not establish the benchmark, schedule or remedies.

Tradable’s mechanics require the originator to supply USDC before onchain interest or principal can be disbursed. Principal burns matching units. Early redemption, when a deal supports it, may be refused and needs originator-provided liquidity. A manager-set $1 NAV therefore measures the register; it is not a standing put at par.

The public directory describes a five-year facility with a $100,000 minimum, 4% PIK and 14 August 2025 maturity. The contract-selected metadata now says 0% minimum PIK, omits maturity, and the chain recorded burns followed by 26.89 million new units on 11 August 2026.

Those observations need a legal bridge: amendment, extension, refinancing, delayed draw, replacement note or administrative correction. No such explanatory document was found in the reviewed accessible corpus. Until definitive documents explain it, the directory terms are historical secondary metadata and the current maturity, repayment status and investor rights remain unresolved.

Tradable Corp now describes itself as a technology and workflow provider that does not hold customer funds or securities and is neither broker-dealer nor investment adviser. That places payment and enforcement responsibility on the unidentified transaction parties and licensed providers named in separate documents—not on the token interface itself.