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
JSON
Value
$131.5M
Stage
None
Below Stage 0: key facts not disclosed
Single-key powers
7
Single key holds critical power
Oracle age
6d 18h
On schedule
Used as DeFi collateral
$12.5M· 5 markets

Counterparties

Which offchain companies could fail, even if the asset is fine?

Red

The custodian isn't disclosed.

  1. The custodian isn't disclosed.

  2. The fund administrator isn't disclosed.

  3. No financial audit is disclosed.

  4. Money moves only by USDC, so Circle is a single point of failure.

  5. FalconX is the only borrower and also holds the collateral.

  • Curator: M11 Credit.
  • Platform: Pareto.

Service providers

Who holds, values, audits and registers the assets, and whether they answer to a regulator.

RoleFirmIndependent of issuerRegulated
CustodianNot public · searched 25 Oct 2026 Help us find it——
Fund administratorNot public · searched 25 Oct 2026 Help us find it——
AuditorNot public · searched 25 Oct 2026 Help us find it——
Transfer agentNot public · searched 14 Oct 2026 Help us find it——

Settlement rails

How subscription and redemption money moves. One rail is a single point of failure.

USDC

Other parties holders depend on

  • Curator: M11 Credit
  • Platform: Pareto
  • Dependency FalconX is the only borrower and also holds the collateral.