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
$131.5M
Stage
None
Below Stage 0: key facts not disclosedSingle-key powers
7
Single key holds critical powerOracle age
6d 18h
On scheduleUsed as DeFi collateral
$12.5M· 5 markets
39 sources cited on this page. Every public curated value must have one; schema validation fails the build otherwise.
Overview
| Field | Source | Note | Checked |
|---|---|---|---|
| access › investor type | app.rwa.xyz/assets/AA_FalconXUSDC | Non-US professional investors. Onchain allowlist is KeyringIdleWhitelist policy 18. | 14 Oct 2026 |
| access › minimum investment | app.rwa.xyz/assets/AA_FalconXUSDC | 'Min. investment: 250,000 USDC'. Redemptions have the same 250,000 USDC minimum. | 24 Oct 2026 |
| access › transfer restricted | docs.pareto.credit/developers/addresses/product/credit-vaults | Keyring whitelist. isWalletAllowed must pass before a deposit. | 14 Oct 2026 |
| value (AUM) | defillama.com | Onchain supply × price (tracked chains only) | 29 Oct 2026 |
Underlying Asset
| Field | Source | Note | Checked |
|---|---|---|---|
| underlying › holdings | artifacts.llama.fi/pdf-exports/0b2211d5-c314-4e7a-97d3-42c6cbf37e7f.pdf | USDC is lent to the FalconX borrower wallet to fund prime-brokerage credit lines; collateral sits with FalconX. The junior tranche has zero supply onchain. | 25 Oct 2026 |
| underlying › largest obligor pct | app.rwa.xyz/assets/AA_FalconXUSDC | 'Institutional credit lines managed by FalconX': one borrower. | 25 Oct 2026 |
| underlying › obligors | app.rwa.xyz/assets/AA_FalconXUSDC | — | 25 Oct 2026 |
| underlying › track record | app.rwa.xyz/assets/AA_FalconXUSDC | Inception 2025-07-10. No write-off found; a negative 7-day APY seen on 2026-10-14 is unexplained. | 25 Oct 2026 |
Legal Claim
| Field | Source | Note | Checked |
|---|---|---|---|
| legal › jurisdiction | app.rwa.xyz/assets/AA_FalconXUSDC | Disputes are listed as United Kingdom. The legal entity name is not public, so the legal-entity disclosure check still fails. | 14 Oct 2026 |
Counterparties
| Field | Source | Note | Checked |
|---|---|---|---|
| counterparties › affiliated | app.rwa.xyz/assets/AA_FalconXUSDC | No providers are named. | 25 Oct 2026 |
| counterparties › settlement rails | docs.pareto.credit/developers/addresses/product/credit-vaults | — | 25 Oct 2026 |
| counterparties › operators | app.rwa.xyz/assets/AA_FalconXUSDC | — | 25 Oct 2026 |
| counterparties › operators | app.rwa.xyz/assets/AA_FalconXUSDC | — | 25 Oct 2026 |
| counterparties › dependencies | artifacts.llama.fi/pdf-exports/0b2211d5-c314-4e7a-97d3-42c6cbf37e7f.pdf | — | 25 Oct 2026 |
Control
| Field | Source | Note | Checked |
|---|---|---|---|
| control › audits | audits.sherlock.xyz/watson/0x52 | Collaborative audit, August 2025; an earlier Idle credit vault contest ran in December 2024. | 25 Oct 2026 |
| control › bug bounty | immunefi.com/bug-bounty/pareto/information/ | — | 25 Oct 2026 |
| control › powers documented | docs.pareto.credit/developers/addresses/product/credit-vaults | Docs list addresses only; no admin roles described. | 25 Oct 2026 |
| control › chains | docs.pareto.credit/developers/addresses/product/credit-vaults | — | 25 Oct 2026 |
| IdleCreditVault contract | etherscan.io/address/0x17E9Ab2992dfecBe779a06A92a6cDB9fE6aEeEf3 | Read at block 26190113 | 14 Oct 2026 |
| IdleCDOEpochVariant contract | etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d | Read at block 26190113 | 14 Oct 2026 |
| IdleCDOTranche contract | etherscan.io/address/0xC26A6Fa2C37b38E549a4a1807543801Db684f99C | Read at block 26190113 | 14 Oct 2026 |
| IdleCDOTranche contract | etherscan.io/address/0xacbb25b7DD30B6B2F7131865Dc1023622de3b3D6 | Read at block 26190113 | 14 Oct 2026 |
Transparency
| Field | Source | Note | Checked |
|---|---|---|---|
| freshness class | app.rwa.xyz/assets/AA_FalconXUSDC | Monthly-epoch credit facility to FalconX. | 25 Oct 2026 |
| transparency › reports | app.rwa.xyz/assets/AA_FalconXUSDC | Interest reported by the borrower and set at each epoch; no independent attestation found. | 25 Oct 2026 |
Pricing
| Field | Source | Note | Checked |
|---|---|---|---|
| pricing › reference | docs.pareto.credit/developers/addresses/product/credit-vaults | priceAA is USDC per token (6 decimals), set when the operator stops the epoch from interest the borrower pays. latestHarvestBlock stores a timestamp despite the name. The contract management fee is 200 / 100000 = 0.20% per year. The performance fee in the contract was 0; rwa.xyz says 10%. Morpho's funded USDC market reads that same price through TranchesChainlinkOracle 0x50449B3D1f5931d568A1951Ee506A9534e7f7dFf (cdo() is this vault). | 14 Oct 2026 |
| pricing › staleness detectable | etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d | The tranche price getter carries no timestamp; it only changes at epoch end. | 25 Oct 2026 |
| pricing › loss recognition | etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d | Write-offs land at the next monthly epoch. | 25 Oct 2026 |
Exit
| Field | Source | Note | Checked |
|---|---|---|---|
| exit › redemption › available | app.rwa.xyz/assets/AA_FalconXUSDC | Monthly, with 31 days' notice. Fee 0. An instant-withdraw window exists in the contract (3-day delay) but it is limited and was closed at review (deadline 2026-10-04). | 14 Oct 2026 |
| exit › redemption › who can redeem | app.rwa.xyz/assets/AA_FalconXUSDC | — | 14 Oct 2026 |
| exit › redemption › settlement | app.rwa.xyz/assets/AA_FalconXUSDC | 31-day notice, then the monthly epoch. epochDuration is 2,721,600 seconds (31.5 days). | 14 Oct 2026 |
| exit › redemption › gates or suspension | etherscan.io/address/0x433D5B175148dA32Ffe1e1A37a939E1b7e79be4d#code | The owner Safe can pause or call emergencyShutdown with no published limit. Separately, startEpoch pauses deposits and turns withdrawal requests off until the epoch stops. That is why the vault reads as paused while an epoch is running. Legal suspension terms were not found. | 14 Oct 2026 |
| exit › dealing | app.rwa.xyz/assets/AA_FalconXUSDC | Monthly (calendar). | 25 Oct 2026 |
| exit › notice days | app.rwa.xyz/assets/AA_FalconXUSDC | '31-day notice period for redemptions applies. Early exit available (when applicable).' | 25 Oct 2026 |
| exit › minimum usd | app.rwa.xyz/assets/AA_FalconXUSDC | — | 25 Oct 2026 |
| exit › fee bps | app.rwa.xyz/assets/AA_FalconXUSDC | — | 25 Oct 2026 |
| exit › liquidators | eth.blockscout.com/address/0xC26A6Fa2C37b38E549a4a1807543801Db684f99C?tab=contract | IdleCDOTranche is a plain ERC-20 with no transfer hook; only deposits are KYC-gated. Morpho holds 9.5% of supply. | 25 Oct 2026 |
| top holders | eth.blockscout.com/token/0xC26A6Fa2C37b38E549a4a1807543801Db684f99C?tab=holders | Top 10 wallets on Ethereum | 25 Oct 2026 |
| DEX sell quotes | kyberswap.com | $1M, $5M and $10M sells into USDC, against NAV | 25 Oct 2026 |
DeFi exposure
| Field | Source | Note | Checked |
|---|---|---|---|
| lending markets | app.morpho.org | Morpho API, Aave pools onchain | 29 Oct 2026 |