Professional investors who can hold an illiquid note for 60 days, assess credit risk or rely on someone who can, and who understand that an 8% yield on real credit is not the same thing as an 8% yield on a stablecoin vault. Pool one is open to KYC-checked professional investors only.

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Enforced where it matters

US persons and sanctioned jurisdictions are blocked at the token level, not only on the website.
Every tranche token carries a transfer allowlist controlling who may hold it. That is one of the six things version one’s contracts deliberately do. See contract mechanics in version one.

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The regulatory position

Tranche notes are likely securities in most jurisdictions. Being on a blockchain does not change that. Nothing on this site is an offer to sell, investment advice, or legal advice. See Disclosures.

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The yield comparison, stated plainly

A stablecoin vault paying 8% and a credit note paying 8% are not the same product. One is overcollateralised and redeemable; the other is an unrated claim on a loan book that you cannot exit for 60 days. If the two look interchangeable, that is the mistake this page exists to prevent.