Under active development. We're continuously fixing and improving the metrics and parameters, so scores and ratings may change. See changelog

RWABeat

FalconX Credit Vault

Senior tranche of the FalconX credit vault on Pareto. USDC is lent to one FalconX borrower wallet, which funds prime-brokerage credit lines. Collateral sits offchain. The junior tranche has no tokens outstanding, so there is no onchain first-loss buffer. This is the vault FalconX announced and that rwa.xyz lists as AA_FalconXUSDC, not Plume's NFALCON or Sygnum's Desygnate. A deprecated Pareto deployment on Optimism is not tracked.

Private creditNon-US professional investors onlyTransfer-restrictedOnchain dataIssued by M11 Credit · Platform Pareto
Value
$132.0M
Stage
None
Below Stage 0: key facts not disclosed
Single-key powers
7
Single key holds critical power
Oracle age
3h 44m
On schedule
Used as DeFi collateral
$12.5M· 5 markets

Risk rosette

Seven risks: the real asset, who you have to trust, and whether you can get out in time.

Underlying Asset: Red. The largest borrower is 100% of the pool, so one default is a large loss.Legal Claim: Not assessed. Not assessed yet. Bankruptcy remoteness, what the token legally is, and holder rights need a legal review.Counterparties: Red. The custodian isn't disclosed.Control: Red. A single key can create new tokens.Transparency: Red. The only reports are self-reported by the issuer (best: Pareto vault reporting).Pricing: Red. A single key types in the onchain price (manual pricing).Exit: Red. Redemption takes T+31, more than a week.

What can go wrong

Red findings first, then facts that aren't public, then yellow. 31 in total.

  1. The largest borrower is 100% of the pool, so one default is a large loss.

    Underlying Asset

  2. The custodian isn't disclosed.

    Counterparties

  3. A single key can create new tokens.

    Control

  4. The only reports are self-reported by the issuer (best: Pareto vault reporting).

    Transparency

  5. A single key types in the onchain price (manual pricing).

    Pricing

  6. Redemption takes T+31, more than a week.

    Exit

+25 more in the category tabs.

Legal Claim: not assessed yet. We don't yet judge bankruptcy remoteness or what the token legally gives holders. What we know →

Below Stage 0

The minimum disclosure for Stage 0 isn't there yet.

About stages

Stage 0 · Disclosed

  • What the token holds is described publicly
  • Issuer, custodian, administrator and auditor are named
  • The legal structure is documented
  • Smart contracts are verified onchain

Stage 1 · Protected

  • Bankruptcy-remote structure · legal, not assessed yet
  • Independent custodian and administrator
  • Holdings independently verified, at a pace that fits the asset
  • Admin powers held by a multisig, with a documented policy
  • A documented redemption path

Stage 2 · Trust-minimized

  • An independent trustee who can act for holders · legal, not assessed yet
  • Holdings data that anyone can verify
  • Admin changes behind a timelock, so holders can exit first
  • An exit that works without the issuer's goodwill, and liquidators can hold the token
  • Pricing from an independent source

Key facts

Vehicle
Not public · searched 14 Oct 2026 · The lending entity's legal name was not found. rwa.xyz gives a domicile only. Help us find it
Jurisdiction
Republic of the Marshall Islands
LEI
Not public · searched 14 Oct 2026 Help us find it
Min. investment
$250,000.00
Who can hold
Non-US professional investors
Rated as
Private credit
Token standard
Custom

Service providers

Custodian
Not public · searched 25 Oct 2026 Help us find it
Fund administrator
Not public · searched 25 Oct 2026 Help us find it
Auditor
Not public · searched 25 Oct 2026 Help us find it
Transfer agent
Not public · searched 14 Oct 2026 Help us find it
Holdings reporting
Pareto vault reporting (Pareto)

Deployments

EVM deployments we track, with the worst power found on each.

ChainTokenSupplyControlUpgrade path
Ethereum0xC26A…f99C$132.0MRedProxyAdmin → Timelock 24h → Safe 3/6 · 1-day delay