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About PRISM

No. PRISM never makes a loan, never holds one on its balance sheet, and is never the lender of record. That is a deliberate design choice — it is what keeps PRISM out of lending licences and out of credit risk.
No. The bank’s money is cheaper and always will be, because it is priced off the US base rate. PRISM funds the part above the bank’s advance rate, and competes with the originator’s own equity instead.
A structuring fee when a pool is issued (50–100 bps) and a servicing fee on notes outstanding (75–150 bps). No performance fee and no share of returns — PRISM is paid the same whether the pool performs or fails. See what PRISM earns.
No. Zero loans originated, zero capital deployed, zero pools funded. The tranche mechanics run on Solana devnet only. No originator signed, no credit investor signed, no audit, no legal entity. See Where things stand.

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For investors

No. Pools run 30 to 90 days and there is no redemption before maturity in version one — no AMM, no secondary market, no reserve. A 60-day lock is the price of capital that is never lazy. See liquidity.
Because it is second loss, not first loss. The originator’s 15% absorbs the first losses, so pALPHA does not carry true first-loss risk and is not priced as if it does. See why the rates are what they are.
That floor is set outside the pool. Maple pays roughly 5% on overcollateralised, zero-loss, instantly redeemable paper, so a senior note on an unrated receivables pool has to pay meaningfully more or there is no reason to hold it.
No. They are targets — our estimates of what each layer should pay — and they will move when real buyers price them. No real buyer has priced any PRISM note.
Pool one is open to KYC-checked professional investors only. US persons and sanctioned jurisdictions are blocked at the token level, not only on the website. See who this is for.
No. Tranching does not reduce losses — it changes who absorbs them and in what order. A pool that loses 30% still loses 30%.

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For originators

Roughly 11% a year, all in, on the slice PRISM funds. More than a bank charges, less than your own equity costs you.
Two reasons. It absorbs normal credit loss, and — more importantly — it is what makes the notes sellable to anyone else. An originator with nothing at stake has no reason to underwrite carefully or collect diligently. Pool one requires 25%.
Below that there is not enough spread to pay investors, cover losses and leave you a profit. The senior floor is set outside the pool and senior is the largest layer, so it drives most of the cost of funds. See minimum asset yield.
If your invoices are in local currency and our investors hold USDC, somebody carries the currency risk, and hedging it costs 4–5% a year, which breaks the economics for everyone. Local-currency pools depend on Circle’s StableFX, which is on the roadmap and not yet in use.
Yes. Most credit facilities forbid pledging the same receivables elsewhere. We work inside their structure, not around it.
Weeks, not days. We are not faster than your bank in an emergency. If you need money in ten days, use your existing line.

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Risk

The originator, not the end borrowers. The originator finds the loans, collects the money, and reports the numbers — and you are not in the room. See the originator problem.
Its dashboard showed roughly 20% losses while one investor found the real figure was near 70%. One borrower moved $1.9M of loan money to a struggling parent company. Documented losses reached about $18M and it wound down in June 2026. See the case study.
No. It has never been measured. It is a placeholder that will be replaced by data from the shadow pool, or by the price a professional credit investor demands for holding pALPHA — whichever comes first.
No. A scoped security audit by a named firm is part of M3 on the roadmap. See security.
Anything after cash touches an ordinary bank account. At that point protection depends on a trustee, a contract and a legal system. That boundary is exactly where Goldfinch lost control, and no smart contract closes it. See limits.

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Technical

The pool needs fiat at both ends and institutional senior buyers, which is Arc. Risk-seeking capital that will hold a junior tranche is abundant on Solana. Asking either side to move loses one of them. See architecture.
Neither, for real capital. Three tranches run on Solana devnet as a mechanics test. Arc mainnet deployment is M1; Solana distribution is M5.
Publishing the repository and deployed addresses is part of the definition of done for M1. See the roadmap.