> For the complete documentation index, see [llms.txt](https://docs.3jane.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.3jane.xyz/manifesto.md). # Manifesto ### The cryptoeconomy needs credit expansion. The modern financial system runs on two pillars: a medium of exchange, and the creation of credit — the ability to borrow against creditworthiness and future cash flows, not just existing assets. Stablecoins delivered the first pillar over the past decade. The second is still missing. To become the internet-native financial system, DeFi has to stand on three kinds of credit: crypto-backed, algo-backed, and future-backed. Overcollateralized protocols like Aave and Morpho scaled the first. Prime brokers, exchanges, and synthetic-dollar protocols productized the second. Credit against repayment capacity, receivables, income, and cash flows — the largest category in traditional finance — is the one DeFi never built. U.S. unsecured consumer credit alone is roughly $1.6T outstanding, and fintech-originated consumer and SMB receivables sit within a $5T+ asset-based-finance category. 3Jane exists to build that third pillar — and the most direct path to it runs through the lenders who already serve the real economy. ### Fintechs made origination software. Capital markets stayed legacy. Since the 2010s, fintech lenders — Affirm, Figure, SoFi, and hundreds of smaller originators — rebuilt borrowing as software: acquire borrowers, underwrite, and service repayments through an API, compressing a multi-week branch process into an instant call. But the capital-markets side never modernized. Lenders still scale on outside capital the old way — underwrite and originate, finance or sell the loans to outside investors, retain the origination economics, repeat. That funding journey is a ladder — bank warehouse, forward-flow, unrated ABS, rated ABS — and each rung is cheaper than the last. As a lender's book grows it qualifies for better terms, which lets it grow faster: an originate-to-distribute flywheel that turns balance-sheet-heavy lending into capital-light platform economics. Many originators reach a warehouse. Far fewer reach durable forward-flow. Almost no small-business or specialty lender reaches ABS — not because the assets fail, but because they are too small, too bespoke, or too short-duration to build the full securitization stack. The result is a permanent middle market: good credit businesses capped by bilateral facilities, trapped equity, and renewal risk, with capital-markets infrastructure that never compounds. ### Fintech Credit Conduits. 3Jane is structured credit as software. **Fintech Credit Conduits (FCCs)** are standing, revolving, tranched funding rails — warehouse loans, participations, and forward-flow agreements — that finance short-duration SMB and consumer receivables originated by U.S. fintech lenders. They are funded by one onchain capital stack — **USD3** (senior) and **sUSD3** (junior, first-loss) — and route every dollar through bankruptcy-remote SPVs, so supplier exposure is to thousands of underlying obligors rather than to any single originator. The insight is simple: forward-flow-style purchase rails plus a standing, revolving, tranched conduit equal private-ABS economics — delivered to originators years before they could build a securitization program themselves. The conduit spreads fixed structuring overhead across a platform instead of a single lender, replaces one warehouse provider's mandate and balance sheet with diversified stablecoin capital, and makes issuance, settlement, and distribution programmable. It compresses the warehouse → forward-flow → unrated-ABS path into one primitive that runs continuously. ### One capital stack, the whole economy. The same USD3 / sUSD3 stack also funds 3Jane's direct crypto credit lines — uncollateralized USDC extended to cryptonatives against verifiable proofs of onchain, offchain, and future assets. Running fintech conduits alongside direct credit diversifies the pool across duration, asset class, and counterparty, and channels onchain capital into both ends of the credit economy at once: the cryptonative borrowers DeFi was built for, and the fintech lenders reaching millions of American consumers and small businesses. This is what it takes to become a truly internet-native financial system — one that creates credit as software, free from bank liquidity, and funds the real economy from onchain capital. The terminal state of internet capital markets, backed by future growth. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.3jane.xyz/manifesto.md?ask= ``` The question should be specific, self-contained, and written in natural language. 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