What arrives later
Independent verification of the invoices by an outside firm, a standby collector
contracted to take over if the originator fails, and diversification across
several originators.
Each costs money per pool, so they come once there is revenue to pay for them.
Until then, the loan tape is the originator’s own report, and early pools have one
originator. Concentration is a real, unremoved risk.
The honest limit
Code protects money that is on-chain. The moment cash touches an ordinary bank
account, 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.
PRISM pools cross that boundary twice by design — USDC converts to fiat at
drawdown and back at repayment through Circle Mint. Pretending otherwise would be
the same dishonesty this page exists to avoid.
Where legal recovery actually lands
Enforcing claims across borders takes years, and recovery is rarely complete.
Recovery depends on courts in the originator’s home country, and legal
enforceability varies by jurisdiction.
The full list
Disclosures lists every risk PRISM cannot remove, and every number
that is an assumption rather than a measurement.
