1

Onboarding

The originator is checked, the servicing agreement signed, and their existing senior lender consents.Consent is not a formality. Most credit facilities forbid pledging the same receivables elsewhere, so a pool cannot open without it. See what we need from you.
2

First loss deposited

The originator’s 15% goes in before anything else. The contracts refuse to open the pool without it.This is a check in code, not a covenant in a document. See first loss.
3

Investors fund the tranches

Each buyer picks the layer matching the risk they want — pPRIME, pCORE or pALPHA. A transfer allowlist on every token controls who may hold it.
4

Drawdown

USDC converts to fiat through Circle Mint and reaches the originator, who lends it.
5

Collections

Borrowers repay. Money lands in an account the originator cannot empty.This is the single most important protection in the structure. See controlled collections.
6

Distribution

Repayments pay the senior layer first, then down the stack.
7

Maturity

After 30 to 90 days the pool closes and the outcome is published.

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The automatic stop

At any point between drawdown and maturity, the pool can halt itself. If weekly collections fall below 90% of what was expected, it stops buying new receivables and routes all incoming cash to repaying investors — with no vote and no discretion. See the collection tripwire.

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What “published” means

The outcome report states the realised loss rate and every tranche’s return. For pool one this is the whole deliverable: see M4 on the roadmap.