Pipeline
Yield for on-chain capital, backed by real commodity trade finance.
Pipeline is a credit facility that finances vetted commodity trade deals and pays the senior coupon, plus T-bill accrual on idle reserves, to KYC’d on-chain lenders. Every loan sits on-chain and can be audited; every USDC dollar sits with a regulated custodian, not inside a smart contract.
Before you deposit
Yield on Pipeline comes from real commodity trade loans. Defaults will happen. Read the Risks page and Defaults & losses before your first deposit.
Split-rail safety property
"A bug or exploit in on-chain code cannot drain investor capital unilaterally."
The cash rail is custodied: a regulated Custodian holds USDC in the Capital Wallet and the Treasury Wallet, with Trustee, Team, and Bridge as independent MPC cosigners. The token rail is on-chain: an AccessManager plus eight protocol contracts — DepositManager, PLUSD, sPLUSD, WhitelistRegistry, WithdrawalQueue, LoanRegistry, ShutdownController, RecoveryPool — that mint, stake, and account for every lender share. Governance is split across three Safes with distinct signer sets: ADMIN (3/5, 48h timelock) for role grants and upgrades; RISK_COUNCIL (3/5, 24h timelock) for default and shutdown decisions; GUARDIAN (2/5, instant) for pause and granular role revocation.
How Pipeline works
Split-rail architecture and the two yield engines — senior coupons and T-bill accrual.
For lenders
Onboarding, atomic deposits, staking, withdrawals, dashboards.
Security & transparency
Custody, supply safeguards, incident response, audits.
Where yield comes from
Engine A — Senior coupons on commodity trade loans. Every loan is split into a Senior tranche funded by Pipeline lenders and an Equity tranche funded by the originator, which takes first loss. When a borrower repays, the Senior coupon (net of fees) is delivered to the sPLUSD vault through a two-party yield mint: the Bridge signs, the custodian co-signs via EIP-1271, and both signatures are verified on-chain before any shares move. See yield engines.
Engine B — T-bill accrual on USYC reserves. Idle Capital Wallet USDC sits in USYC, Hashnote’s tokenized Treasury-bill holding. T-bill yield accrues continuously and is split 70% to the sPLUSD vault, 30% to the Treasury Wallet. The target USDC buffer is 15% of reserves, rebalanced when the balance drifts outside a 10–20% band.
What can go wrong
Lenders face loan defaults, liquidity delays on large withdrawals, custodian operational failure, smart-contract risk, governance risk, regulatory exposure, and operational-key compromise. Read Risks for the enumerated disclosure and Defaults & losses for the loss waterfall.
Starting out
Complete KYC and Chainalysis screening, connect a whitelisted wallet, and deposit at least $1,000 USDC through DepositManager. Minting caps are $5M per transaction and $10M per rolling 24 hours. Full steps are on Onboarding.
Not financial advice
Information on this site is not investment, legal, or tax advice. Yield figures are illustrative unless explicitly stated otherwise. Do your own diligence and speak to a qualified advisor before committing capital.