# Ketju research: Tradable private-credit deal tokens

- URL: https://riadefi.com/rejections/tradable/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized RWA
- Reviewed: 2026-09-23
- Next review: 2026-12-23

## Research summary

Tradable Corp, a Chicago software company founded in 2022, runs a marketplace where private credit managers sell shares of loans they have made. Each loan listed on Tradable gets its own ERC-20 contract on ZKsync Era, and an investor who funds a share receives tokens that count it: one token per dollar of principal, burned as the borrower repays. Tradable’s own registry contract lists 50 of these deal tokens; 37 carry a balance, $2.29 billion of face value in all, and 13 are empty. CoinGecko groups 18 of them as “Tradable” notes worth $1.36 billion; its names and figures do not always match the chain.

The token is a count, not a claim anyone can read. The borrower and the manager selling the loan are hidden until an investor signs a non-disclosure agreement, and the holder’s rights live in a subscription agreement that is not public. No offering filing for any Tradable deal appears on EDGAR. Tradable says it is neither a broker-dealer nor an adviser, holds no customer money or securities, and leaves investor qualification to the parties.

The holder cannot move the token. The verified contract makes transfer, transferFrom, and approve revert; only the deal’s manager contract can mint, burn, or move a balance, and two ordinary single-signature keys hold the role that tells it to. One of those keys also holds the admin role, which can re-code every Tradable deal token at once through a shared beacon with no delay. Seven of the eight deals filed here take $5,000,000 at the least, and none has money set aside today for early redemptions.

The assessment is adverse. An advisor cannot tell a client what the client would own, whose debt it is, what secures it, or which record wins if the chain and the manager’s books disagree, and the chain itself is not approved here. The memo reopens if Tradable or a manager publishes the note terms and the governing record for a deal, and the deal keys move behind a multisig and a delay.

## Observable review triggers

- Tradable or a manager publishes, for any deal, the note or participation terms: the issuer, the security, and which record governs ownership
- An offering filing (Form D or an offering memorandum) for a Tradable deal becomes public
- The DEAL_ADMIN and ADMIN roles on the AccessManager move to a multisig, or the beacons gain an upgrade delay
- ZKsync Era is approved in this registry, or Tradable deal tokens appear on an approved chain such as Stellar with published contracts
- The Deal implementation behind the beacon changes, or a role is granted to a new address
- Any deal misses a scheduled payment, writes down NAV below 1.0, or burns tokens without a matching repayment

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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