Tradable Singapore Fintech SSL

On 14 November 2024, Tradable's factory initialized contract 0x5c8c…ce6d as Private Credit Direct Deal0000023. The contract fixed six decimals, a 114.5 million-unit deal size, a 50-holder ceiling and a closed-ended structure. Its UUID is f564d566-bf0d-4c09-a28e-d165fcbd6e27; the full address matters because another Tradable asset also uses PC0000023.

Four days later, eight mint transactions placed 114.5 million units into eight accounts. Every one was marked as a fiat account, Tradable's on-chain placeholder for an investor whose funding and distributions can occur by bank wire. The ledger made the allocations visible while leaving the investors and cash movements outside the public record.

The metadata selected by the contract calls the exposure Singapore Fintech Senior Secured Loan and says the borrower is a Singapore-headquartered lender serving underbanked consumers in Indonesia and Vietnam. It identifies this token as Tranche C: a $114.5 million commitment, 15% fixed cash interest and 5% fixed PIK paid semi-annually in Series D-3 warrants, with a 30 June 2026 maturity and an 18.16% minimum target IRR.

Those fields describe an offer, not a complete credit agreement. The reviewed metadata leaves the company, note issuer, originator, guarantor and security agent unnamed. It says advances cover 70%–85% of short-duration loan collateral and carry a corporate guarantee, but the collateral schedule, lien-perfection evidence, covenants, waterfall and governing law were not established from the records CoinYQ obtained. CoinGecko names Victory Park Capital Advisors; VPC's own announcement confirms a platform partnership, not its legal role in this deal.

Tradable's investor guide describes registration, an NDA and originator approval before access to the unredacted data room. Its lifecycle guide then separates funding routes: a wallet investor pre-funds with USDC alongside the investment offer, before approval and the final commitment and subscription; a bank-wire investor funds after finalization. The current metadata permits U.S. accounts under Tradable KYC, but that field does not replace approval or the deal documents. This is the platform's documented process, not evidence of this loan's actual bank payments.

Tradable's terms say the company supplies technology and workflow tools and does not act as investment adviser, broker-dealer or custodian. They also say the lender's and purchaser's rights, payments and distributions are set by separate documents between those parties. The public token is therefore an administrative record of an admitted position; it is not the whole note or security package.

The verified Deal code disables ordinary approve, transfer and transferFrom. Manager contract 0x5b84…9502 alone can mint, burn and move balances; alter eligibility and fiat-account status; rewrite NAV and metadata; and change deal size, holder cap and open-ended status. In March 2025, EOA 0x08aC…29Ab called that manager to burn 13,653,846 units from one fiat account; four minutes forty seconds later, 0x1B89…95FE reminted the same amount to another.

The token is also a beacon proxy. Its beacon now points to shared Deal implementation 0x8577…Ea67, after using at least two earlier implementations. Access Manager 0xd9a7…3717 currently authorizes EOA 0x08aC…29Ab and the Tradable factory to call the beacon upgrade function with zero on-chain execution delay. It also authorizes 0x08aC…29Ab and 0x1B89…95FE to call their permitted functions on this Deal Manager without an on-chain delay; 0x1B89 sent the initial mints, full burn and zero-NAV update. The people or legal entities controlling these keys were not identified in the reviewed sources.

The published Tranche C maturity was 30 June 2026. On 10 July, one manager transaction burned all 114.5 million outstanding units from eight fiat accounts. About eighteen minutes later, the manager-fed NAV was set to zero, making the contract-derived price zero. On 5 September, supply and holders remained zero, while fourteen eligible accounts—all flagged fiat—remained listed.

The full burn called the standalone burnDealTokens function, not initiatePrincipalPayout, so that transaction does not itself demonstrate a principal payment. This sequence resembles Tradable's documented repayment workflow: principal distributions are followed by token burns, and full repayment removes all tokens. The Deal Manager log history contains its mint and burn events but no identified principal- or interest-payout event. But the investors here were represented by off-chain accounts, and the chain records no bank wires, interest, warrant delivery or recovery rate. Zero supply proves that the manager closed the public ledger; the loan documents and payment records must show whether the published payment terms were fulfilled.