Glossary

Terms used across 3Jane's two credit sleeves and the USD3 / sUSD3 capital stack.

Capital stack

• USD3 — the senior tranche; a credit-enhanced, yield-bearing ERC-4626 token minted by depositing USDC. Earns a variable senior share of pool yield and is protected by sUSD3 subordination and other credit enhancement.

• sUSD3 — the junior tranche; staked from USD3. Earns the levered junior share of pool yield and absorbs first losses (net recoveries) ahead of USD3. Subject to a lock period.

• Tranche — a layer of the capital structure with a defined claim priority. Senior is paid first and takes losses last; junior is paid last and takes losses first.

• Tranche ratio (TRANCHE_RATIO) — the maximum share of debt that can be subordinated to sUSD3 (e.g. 15% junior cap; the senior is the remainder). Also caps sUSD3 supply.

• Tranche share variant (TRANCHE_SHARE_VARIANT) — the fixed fraction of pool interest paid to the junior tranche; the senior receives the remainder. Both tranche rates float with pool yield (see Pool Interest Rates).

• Waterfall — the order in which losses are absorbed (junior first, senior last) and principal is repaid; interest is split between the tranches by the tranche share variant.

• Excess spread — net yield a pool generates over its life before any principal is impaired; the first layer of loss absorption.

• TVV (Total Value Verified) — every verifiable dollar standing behind the pool's deployed credit.

Sleeves

• CCL (Crypto Credit Lines) — 3Jane's direct sleeve: uncollateralized USDC credit lines underwritten to cryptonatives and held by 3Jane.

• FCC (Fintech Credit Conduits) — 3Jane's conduit sleeve: funding provided to other fintech lenders via warehouse loans, participations, and forward-flows.

Crypto Credit Lines

• 3CA (3Jane Credit Algorithm) — the offchain underwriting algorithm that sets a credit line's size, default-risk premium, and repayment rate.

• Jane Score — a composite of onchain and offchain creditworthiness (Cred Protocol, Blockchain Bureau, VantageScore 3.0).

• DRP (Default-Risk Premium) — the per-borrower rate added on top of the base money-market rate.

• MCA (Merchant Cash Advance) — the legal structure for a CCL credit line: a purchase of future receivables that establishes recourse under U.S. law.

• Merchant — a CCL borrower.

Fintech Credit Conduits

• Originator — the fintech lender 3Jane funds; it acquires, underwrites, and services the end-borrowers.

• Warehouse loan — a revolving credit line advanced against a pledged pool of receivables in an SPV; 3Jane is the senior secured lender.

• Forward-flow — an outright whole-loan purchase of eligible receivables on a forward calendar (true-sale).

• Participation — a purchased interest in a pool of receivables or a facility.

• SPV (Special Purpose Vehicle) — a bankruptcy-remote entity that holds the receivables, insulated from the originator and from 3Jane's sponsor.

• Bankruptcy-remote — structured so a counterparty's bankruptcy cannot sweep the collateral.

• Advance rate — the percentage of the eligible borrowing base 3Jane lends against (e.g. 75%).

• Overcollateralization (OC) — the cushion by which eligible collateral exceeds the drawn balance; tested on a schedule.

• First-loss equity — the originator's own capital that absorbs losses before 3Jane's position.

• DACA (Deposit Account Control Agreement) — a tri-party agreement giving 3Jane control of the collection account.

• True-sale — a transfer where beneficial ownership of the loans passes to the buyer SPV.

• Servicer / backup servicer — the party that collects payments; a backup stands ready if the primary fails.

• Coupon — the interest rate paid to the facility / noteholder.

• WAL (Weighted-Average Life) — the average time to receive principal across the pool.

• DPD (Days Past Due) — delinquency measured in days since a missed payment.

• Charge-off — principal written off as uncollectible; cumulative charge-offs measure realized loss.

• Vintage — a cohort of loans grouped by origination period, tracked for performance.

• Revolving period — the phase during which principal collections are recycled into new advances or purchases.

• Amortization — the wind-down phase: advances stop and collections pay down the senior balance.

• Staging — capital off-ramped to cash but not yet wired into a facility.

• Complexity premium — the portion of a borrower's rate that compensates for speed and access rather than credit risk.