Reporting and settlement
What a holder receives
Cash, pushed to their wallet, on every payment date. Interest and principal arrive together in one transfer. Nobody has to claim anything, sign anything or file a request, and no cash sits in an omnibus account waiting to be swept.
If a transfer fails, because a holder has removed the trustline for the settlement asset, the amount is recorded as owed to them and can be claimed at any time. It is never returned to the issuer.
What a holder can see, and when
Immediately, without asking anyone:
| Note factor and outstanding nominal | Read from the contract, per class |
| Every waterfall run | Amount at each rank, per period, with the transaction |
| Their own position | Notes held, remaining claim, interest and principal received |
| Every other holder's position | The register is public |
| Pool aggregates | Balance, arrears, weighted average term and rate, battery condition |
| Independent recomputation | The calculation agent's report, with its date |
The conventional equivalent is a monthly investor report, published two business days before the payment date, describing a period that ended three weeks earlier. Here the figures are the payment, at the moment it happens.
What this does not replace
A European public securitization must report through an ESMA registered securitisation repository, on prescribed templates, quarterly. Publishing loan level data on chain does not discharge that obligation. It is additional.
A regulated issue on this design carries a conventional reporting pipeline alongside. Note also that the 2025 reform of the Securitisation Regulation reduces required loan-level granularity rather than increasing it: the granularity CARA7 provides is a product feature, not a compliance shortcut.
Settlement asset
Payments are made in EURC, the euro stablecoin issued by Circle and natively issued on Stellar. EURCV, the euro stablecoin issued by Societe Generale FORGE, has been natively deployed on Stellar since March 2026 and is a supported settlement asset for a future deal, subject to agreeing primary access with the issuer.
Both are electronic money tokens, not central bank money. A holder receiving them takes the issuer's credit risk. The European Central Bank is explicit that the absence of tokenized central bank money limits how far this market can scale, and its Pontes work is the intended answer.
Custody and access
Notes are held in a Stellar wallet, in the holder's name, controlled by their own keys. There is no omnibus account and no nominee.
Institutions that require third-party custody can use a wallet provider with policy-controlled signing; Stellar key management is supported by the main providers.
Transfer and eligibility
Notes are transferable. Coupons on a transfer made mid-period are split between seller and buyer by the number of days each held the notes, and settled at the next payment date. Principal goes to whoever holds the notes at period end.
The current programme carries no transfer restriction. An issue restricted to qualified investors requires an eligibility gate at the register level; that is a structuring option per series and is listed under risk factors.
Payment frequency
Payment frequency is set per series. The current programme runs an accelerated cycle so that a full amortization profile is observable over days rather than years. The day count, the rounding and the order of payments follow the monthly convention.