Tradable private-credit deal tokens
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: Tradable private-credit deal tokens Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
A deal token counts the holder’s funded share of one private loan or note facility; Tradable’s own wording does not say whether the token is the legal interest or only a representation of it. The subscription agreement that would decide this 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 no freeze function, but 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 | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | cash |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| 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. A single key holds the admin key. A single key can change the code with no delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| 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, 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 |
Redemption
| Route | 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 contract burns the same share of every balance. 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; Ketju will then review the file again for the issuer, the security, the investor class, and which record governs
- 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
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote, since a fund of this kind accrues a few basis points a day. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
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