Collections land where the originator cannot reach them
For stablecoin repayments this is enforced by the contracts. For fiat, it is a
controlled account with an independent trustee.
This is the single most important protection.
The invoices legally belong to the pool company
Each pool is a separate legal entity that buys the receivables outright. If the
originator goes bankrupt, its other creditors cannot reach them.
This is why per-pool isolation exists in the contracts as well as in the legal
structure — one pool’s failure cannot touch another. See
contract mechanics.
Weekly collection data, with an automatic stop
If collections fall below 90% of what was expected, the pool halts new purchases by
itself and routes all incoming cash to repaying investors. No vote, no delay, no
discretion.
Detail: the collection tripwire.
The originator’s own money is deposited first
At least 15% of the pool, checked by the contracts before the pool can open.
Detail: first loss.
What these four do not cover
Between them they address diversion, bankruptcy, deterioration and alignment. They
do not address a loan tape that does not describe reality in the first place —
that needs independent verification, which arrives later.
