Summary
Ketju does not approve Valos: it is open only to professional clients, and it does not disclose its legal entity. Valos is an actively managed private-credit manager for institutions; it is no passive treasury-bill product. Allocators deposit Agora’s AUSD stablecoin into an "Institutional Credit Vault" built on Accountable’s Vault-as-a-Service infrastructure. Valos lends the money, through loans sourced off-chain, to market makers, prime brokers, exchanges and custodians. Valos says its services are "available only to professional clients," which excludes retail. We could not confirm Valos’s legal name, licensing or governing jurisdiction beyond a reference to a Helsinki headquarters. We found no third-party audit of the vault’s smart contracts or Accountable’s infrastructure. A third-party vault tracker rates the protocol’s technical risk "Severe" and shows zero drawdown against a 7.4% lifetime APY. That smooth series is a concern for a private-credit book whose NAV marks are self-reported. Only a continuous-attestation system run by Valos’s own vendor checks them.
Review triggers
- A US-eligible offering opens to the US clients Ketju's advisors serve
- Valos's exact legal entity name, licensing status, and governing jurisdiction are disclosed
- An independent, primary-source smart-contract audit of the vault and Accountable's underlying infrastructure is published
- NAV marks are checked by an independent periodic audit, beyond a vendor-run continuous-attestation system
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Monad
- Reviewed
- Last confirmed