An Ethereum-based credit protocol just quietly became a capital provider for traditional fintech lenders. 3Jane publicly opened its doors on June 10, executing a $10 million senior warehouse facility and kicking off the first phase of a $50 million forward-flow program, all backed by pledged consumer receivables funneled through onchain structures.
How the deals are structured
The $10 million senior warehouse facility was executed with LendSwift, a lender focused on US consumer installment loans. Under this arrangement, receivables from those loans get pledged into a bankruptcy-remote special purpose vehicle, or SPV, which protects the assets inside from LendSwift’s creditors if the company runs into trouble.
The second deal involves Slope, a fintech that provides SMB lines of credit and buy-now-pay-later services. Slope’s client roster reportedly includes a Fortune 10 company. The initial phase, described as “phase 0,” consisted of an approximately $8.5 million whole-loan purchase covering SMB credit lines and BNPL receivables, with the full program targeting $50 million in forward-flow commitments.
The protocol’s native token, USD3, functions as what the team calls a “credit-backed yieldcoin” representing the senior funding tranche. Depositors minting USD3 are reported to earn yields around 8.5%. A staked version, sUSD3, offers leveraged exposure to the junior tranche with reported yields up to 15.4% APY.
