For borrowers

Pipeline finances physical commodity trade deals — typically one facility per offtake contract. Lenders (KYC’d, on-chain) fund the Senior tranche; the Originator funds the Equity tranche as first-loss, with the offtaker (the end buyer of the commodity) paying into a Capital Wallet that the protocol reconciles against the loan on-chain.

Borrowers are not self-service on Pipeline. Facilities are KYB’d and sourced bespoke through approved originators — Open Mineral at launch. This page exists to help you decide whether Pipeline is the right route for your next deal and, if so, how to reach us.

What we finance

• Physical commodity trade-finance facilities — for example jet fuel, base and precious metals, and refined products moving through a defined corridor with a named offtaker.
• One loan NFT per facility on the LoanRegistry. The NFT carries immutable origination data (commodity, corridor, facility size, tranche split, offtaker price, senior coupon rate) and mutable lifecycle state (status, CCR, current location) that the Trustee updates as the deal runs.
• Senior-tranche capital sized by Pipeline lenders; Equity-tranche capital posted by the Originator as first-loss and held off-chain. You see one facility, one coupon, one maturity — the tranche split sits behind us.

How a deal moves from request to close

1. The Originator submits an EIP-712-signed origination payload through the Originator UI, covering the full set of immutable loan parameters for your facility.
2. Pipeline Trust Company (the Trustee) reviews the request and either approves it, returns it with requested changes, or rejects it with a stated reason.
3. On approval, the Trustee mints the loan directly on LoanRegistry from the Trustee key — Bridge has no role on LoanRegistry and does not relay these writes.
4. Bridge prepares the Capital Wallet disbursement; the Trustee and Pipeline team co-sign the MPC outflow to the on-ramp provider; USDC reaches the borrower.
5. As the offtaker pays, USDC lands in the Capital Wallet.
6. The Trustee records the repayment split across Senior principal, Senior interest, and Equity residual — pure accounting on LoanRegistry, no capital move yet.
7. Bridge and the custodian co-sign a YieldAttestation; PLUSD is minted into the sPLUSD vault, delivering the senior coupon to lenders.
8. At scheduled maturity or on early repayment, the Trustee closes the loan on LoanRegistry.

Who qualifies

• KYB’d firms with a verifiable operating history in the named corridor and commodity.
• An approved originator relationship — Open Mineral at launch, with additional originators onboarded over time.
• Willingness to post cargo-tracking evidence — vessel IMO plus AIS feed, CMA inspection reports, warehouse or tank-farm identifiers — and to report on payment timing as the deal runs.

Our visible risk framework is the cargo-coverage ratio (CCR), with thresholds at 130 / 120 / 110. A facility opens with headroom above 130; crossing 120 moves the loan to Watchlist; 110 triggers Risk Council escalation. Payment-delay flags run on the same lights: amber over 7 days, red over 21 days. Borrowers who communicate early through the Originator keep facilities on green regardless of amber prints.

What we don’t finance

• Non-physical commodity exposures. We do not fund paper trades, speculative futures positions, or hedging programs without an underlying physical cargo.
• Single-counterparty concentrations above the level set by Risk Council policy. We may decline an otherwise clean deal because of portfolio balance, not credit.
• Sanctioned counterparties, sanctioned corridors, or sanctioned commodities. No exceptions, no workarounds.

Get in touch

Borrower origination at MVP is bespoke and runs through approved originators rather than a public application form. If you already work with Open Mineral, raise the facility through your existing relationship. If you do not, reach out to the Pipeline team directly and we will route you.

See also: How it works · Risks · Glossary