Tradable private-credit deal tokens
Research and shelf status are on the memo: Tradable private-credit deal tokens Adverse research finding
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
A deal token counts the holder’s funded share of one private loan or note facility; Tradable’s own wording leaves open whether the token is the legal interest or a picture of it, and the subscription agreement that decides it is not public.
“A tokenized asset is a digital representation of or a digitized legal ownership interest, recorded on a blockchain.”
Tradable: What Tokenization of Private Credit Actually Means · FAQ: What is a tokenized asset? · words found 2026-09-23
- Who may hold it
Investors Tradable has screened and approved; each deal’s manager sets further gates, and the eight filed deals admit US investors of any type and status in their metadata.
“Users will not be able to request deal access and / or invest in a Tradable deal until they have been screened and approved.”
Tradable product docs: Onboarding · Verify Your Identity & Organization · words found 2026-09-23
- First purchase minimum
In the millions, per Tradable; the deal manager contracts set $5,000,000 on seven of the eight filed deals and $250,000 on PC0000101.
“Minimum investment sizes are calibrated to institutional participation”
Tradable: What Happens When a Deal Lists on Tradable · 1. The Listings Feed · words found 2026-09-23
- Account types
Individuals and entities, including an institution’s fund entities once Tradable has vetted them.
“You will be asked to specify whether or not you are creating an account on behalf of an entity.”
Tradable product docs: Onboarding · Create your account · words found 2026-09-23
- Who it may be transferred to
The holder cannot send the token: the verified contract makes transfer revert, and a sale moves only through the deal manager after the originator and the holder both approve.
“Both the originator and the current holder must approve the transfer, maintaining integrity across the capital stack.”
Tradable: What Happens When a Deal Lists on Tradable · 5. Secondary Liquidity · words found 2026-09-23
- How a holder redeems
Principal comes back as the borrower repays; an early redemption is a request the manager may refuse, paid only from USDC the manager puts in the pool.
“To initiate the redemption process, deal investors can request a redemption from the originator, which may be approved or denied.”
Tradable product docs: Investors · Managing your investments, Redeem · words found 2026-09-23
- Who keeps the official record
Tradable calls the chain a system of record for ownership, but no document says whether the chain or the originator’s books govern if they differ.
“We use blockchain because it creates a programmable system of record for ownership and asset servicing”
Tradable: What Tokenization of Private Credit Actually Means · The Benefits of Tokenization on Tradable, Operational Efficiency · words found 2026-09-23
- What the issuer says it can freeze or take back
The documents do not describe a freeze. The verified contract has none, and needs none: the deal manager may burn or move any holder’s tokens and drop a wallet from the eligible list.
Not stated in Tradable product docs: How it Works, Tradable product docs: Investors, Tradable product docs: Onboarding, Tradable Terms of Service (updated February 13, 2026), Tradable: What Tokenization of Private Credit Actually Means, Tradable: What Happens When a Deal Lists on Tradable.
| Fact | What the file records |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | cash |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| PC0000031 | ZKsync Era | No | No | Yes | Yes | Yes | A single key can claw back tokens. Admin key: a single key. A single key can change the code with no delay. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| Token | Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|---|
| PC0000031 | ZKsync Era | Admin | grant and revoke these powers | a single key | 0x08ac…29ab |
| PC0000031 | ZKsync Era | Admin | grant and revoke these powers | a contract | 0x0ff0…8809 |
| PC0000031 | ZKsync Era | Deal admin | claw back tokens, decide who may hold, mint new tokens | a single key | 0x08ac…29ab |
| PC0000031 | ZKsync Era | Deal admin | claw back tokens, decide who may hold, mint new tokens | a single key | 0x1b89…95fe |
| PC0000031 | ZKsync Era | Admin | grant and revoke these powers, change the code | a single key | 0x08ac…29ab |
| PC0000031 | ZKsync Era | Admin | grant and revoke these powers, change the code | a contract | 0x0ff0…8809 |
| PC0000031 | ZKsync Era | Admin | grant and revoke these powers, change the code | a single key | 0x08ac…29ab |
| PC0000031 | ZKsync Era | Admin | grant and revoke these powers, change the code | a contract | 0x0ff0…8809 |
ZKsync Era PC0000031: 3 contract reads at block 72189800, 3 functions in verified source, 2026-09-23
- eip1967.beacon=0x1e2f5e41ea5dcb62c8303e240e1d513ed4ec3d74
- 0x1e2f5e41ea5dcb62c8303e240e1d513ed4ec3d74.implementation()=0x85774b6c4a2f72315050084efa3b982df5a7ea67
- manager()=0xdc3dd9e94f3577ef8e6e91560ab9d69845d9b667
- addEligibleAccounts in verified source 0x8577…ea67
- burn in verified source 0x8577…ea67
- mint in verified source 0x8577…ea67
Where it trades
| Venue | Kind |
|---|---|
| Tradable marketplace (app.tradable.xyz): primary syndications and manager-approved secondary sales | issuer primary |
How it exits
| Path | Settlement | Minimum | Fee | Settles in |
|---|---|---|---|---|
| Redeem with the issuer in its window | Principal returns as the borrower repays: the manager sends USDC to the deal contract (or wires investors who funded by wire) and the same share of every balance is burned. Before maturity a holder may ask the manager to redeem; the manager may refuse, an approved request locks the tokens for five days, and redemption needs USDC in the deal’s pool. The redemption budget was zero on all eight filed deals on 2026-09-23. A secondary sale needs the manager’s and the holder’s approval and a buyer found through Tradable | $5,000,000 | 0 bps | USDC, USD |
- The Deal Beacon (0x1E2f…3d74) or the DealManager beacon (0xcd00…9a3c) points at new code
- The AccessManager grants ADMIN or DEAL_ADMIN to a new address, or the roles gain an execution delay
- Tradable or a manager publishes a deal’s note terms, subscription agreement, or offering filing; the file is then re-read for the issuer, the security, the investor class, and the governing record
- A filed deal’s metadata changes its allowed countries, entity type, or investor status, or its minimum investment changes
- A filed deal sets a redemption budget above zero, burns tokens without a matching repayment, or writes NAV below 1.0
- Tradable deploys deal tokens on Stellar or another chain
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote, since a fund of this kind accrues a few basis points a day. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
Sources
- Tradable product docs: How it Works · primary · accessed 2026-09-23
Supports: one ERC-20 per deal, compliance set on the contract, metadata on IPFS, burn on principal repayment, redemption pool - Tradable product docs: Investors · primary · accessed 2026-09-23
Supports: NDA before data room, subscription agreement, fiat wallet, redemption request may be denied - Tradable product docs: Onboarding · primary · accessed 2026-09-23
Supports: screening before investing, manager-set deal gates, entity accounts - Tradable product docs: Smart Contract Addresses · primary · accessed 2026-09-23
Supports: Access Manager, Deal Registry, Deal Beacon, Deal Factory, upgradeable contracts - Tradable Terms of Service (updated February 13, 2026) · primary · accessed 2026-09-23
Supports: not a broker-dealer or adviser, holds no customer funds or securities, parties own accreditation checks - Tradable: What Tokenization of Private Credit Actually Means · primary · accessed 2026-09-23
Supports: representation or legal ownership interest, system of record - Tradable: What Happens When a Deal Lists on Tradable · primary · accessed 2026-09-23
Supports: minimums in the millions, secondary needs originator and holder approval - ZKsync Era explorer: verified Deal.sol, the deal token implementation · primary · accessed 2026-09-23
Supports: transfer, transferFrom, approve revert, onlyManager mint, burn, managedTransfer, eligible accounts, max holders - ZKsync Era explorer: verified DealManager.sol · primary · accessed 2026-09-23
Supports: AccessManager-restricted functions, minInvestment, redemption budget and lock period, revokePayout - Tradable deal metadata, PC0000031 (IPFS, pinned by the contract’s metadataURI) · primary · accessed 2026-09-23
Supports: deal title, floating cash rate, allowed countries US, investor status Any