Built on Canton Network

Credit that grows where collateral can't.

Vetted delegates underwrite real borrowers and set fixed rates. Lenders supply a pool and earn a known yield. No excess collateral — just credit, priced by someone who read the file.

0%
Excess collateral
Fixed
Rate, known upfront
$9T
Settled monthly on Canton
Pool 04 · Fernbank
11.4% fixed · 90d
Find the way through
Sub-transaction privacy✦ Daml authorisation✦ Atomic settlement✦ Fixed-rate credit✦ Delegate first-loss✦ 600+ institutions live✦
Sub-transaction privacy✦ Daml authorisation✦ Atomic settlement✦ Fixed-rate credit✦ Delegate first-loss✦ 600+ institutions live✦
01 — The thicket

Every lending market on Canton asks you to already have the money.

Overcollateralisation is a wall, not a credit decision. It serves traders who hold the asset — and locks out every institution whose strength is its balance sheet.

Canton lending today
150%
locked to borrow 100%. Capital sits still.
Bramix
0%
posted. Underwritten instead.
02 — Three ways in

Private credit already works. We put it on rails.

The same three parties as an offline credit fund — with settlement, disclosure and repayment written into the contract.

Delegate

Knows the way through

Reviews the borrower's full position, sets a fixed rate, and stakes first-loss capital behind the call.

8% first-loss · underwriting fee 1.6%
Lender

Supplies the pool

Picks a delegate, not a borrower. Earns a known yield on a known tenor. Never sees a private file.

Fixed yield · 30–365d tenor
Borrower

Walks the path

Borrows against financial standing — statements, cashflow, history — not against a pile of idle tokens.

Disclosure to one party only
03 — Why privacy is the product

One loan. Two views.

A delegate reads the borrower's whole position. The pool sees the terms and nothing else. That asymmetry is not a compromise — it is how private credit has always worked.

Delegate view · Fernbank Credit
Meridian Trade Finance Ltd
Receivables facility · Singapore · since 2016
Audited revenue, FY25 $184.2M
Debt service coverage 2.41×
Receivables > 90 days 3.8%
Bank covenants All met
Prior facilities repaid 7 of 7
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Pool view · everyone else
Performing
Pool 04 · Trade receivables
Underwritten by Fernbank Credit
Fixed rate
11.4%
Tenor
90d
Facility
$2.4M
First-loss
8%
Borrower identity, statements and covenants are never disclosed to the pool. Canton enforces it at the contract layer — not by policy.
04 — The path

Five steps from application to repayment.

1

Apply

Borrower opens a file with one delegate. Nothing hits the network yet.

2

Underwrite

Full financial position reviewed privately. Rate, limit and tenor set.

3

Publish terms

Only the economics surface to the pool. The file stays where it was.

4

Fund

Lenders supply the pool; drawdown settles atomically against the note.

5

Repay

Interest accrues to lenders on schedule. Delegate absorbs first loss.

05 — Model a position

Know the yield before you commit.

Fixed rate, fixed tenor, no oracle, no liquidation cascade.

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Tenor
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Your net yield
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Borrower pays {{ borrowerRate }}
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Protocol fee 0.40%
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Supply to this pool →
Illustrative. Rates are set per facility by the underwriting delegate; capital is at risk beyond the first-loss tranche.
06 — Why Canton

This can't be built on a transparent chain.

Sub-transaction privacy

Only the parties to a contract see its contents. Validators confirm without reading.

Authorisation in the language

Daml states who may see and who may act. Disclosure is code, not policy.

Atomic settlement

Drawdown, note issuance and repayment settle in one step across applications.

The counterparties are already here

600+ institutions, tokenised treasuries and deposit tokens live on the same rails.

Come through
the thicket.

Underwriting delegates and anchor lenders are onboarding now. Tell us which side of the path you're on.

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