Lenders

Lenders supply the capital the protocol lends. A lender deposits a pool's settlement asset — stablecoin-denominated; the initial pools settle in [PYUSD / confirm the full set of supported assets] — and receives a position representing a pro-rata claim on pool assets, including accrued interest.

Lenders earn from borrower interest, net of the pool's performance and underwriting fees. Yield is variable. It depends on how much of the pool is deployed, the rates borrowers pay, and realized losses; it is not fixed or guaranteed, and this documentation avoids language that would imply otherwise.

Access depends on the pool. Permissioned pools require KYC and eligibility verification before a lender can deposit, and positions in those pools may be non-transferable or transfer-restricted to preserve the permissioning. Open pools are available more broadly, subject to the pool's terms and to jurisdictional restrictions.

Withdrawals are met from available liquidity. Because capital is actively lent, a withdrawal request may be filled over time as loans repay rather than instantly; each pool states its liquidity and redemption terms, and lenders should read them before committing. Redemption behavior in stressed conditions is described under Repayment and Distributions and in the risk matrix.