Status and legal

Current status of the programme

The CARA7 platform is operational and the programme described on this site runs on it end to end: subscription, closing, priority of payments, payment to holders, reporting and independent reconciliation.

The programme currently operates on the Stellar test network, with a representative portfolio, ahead of first issuance on mainnet. Terms, mechanics, figures and performance shown across this site are those actually produced by the platform. They are not projections or illustrations.

CARA7 is not currently an authorised issuer of financial instruments, holds no credit rating on the notes, and has not published a prospectus. Nothing on this site constitutes an offer to sell or a solicitation to buy securities, or investment advice.

Institutions wishing to discuss a portfolio or an allocation should contact us directly.

Regulatory perimeter

Asset-backed notes are financial instruments. They fall under MiFID II, the Prospectus Regulation, the Securitisation Regulation and national law governing securities registers. They are expressly excluded from the scope of the EU markets in crypto-assets regulation, which carves out securitisation positions.

Two consequences for a European issue on this design:

The securities register. French law recognises a distributed electronic register as equivalent to a securities account for financial instruments not admitted to a central securities depositary. That is the regime under which tokenised funds already operate in France, and it is the natural home for this programme. It carries a trade-off: without a CSD there is no Eurosystem collateral eligibility and no standard repo.

Reporting. A European public securitisation reports through a registered securitisation repository on prescribed templates. Data published by the platform is additional to that obligation, not a substitute for it. Any regulated issue on this design carries a conventional reporting pipeline alongside.

Settlement asset

Settlement is in EURC, an electronic money token issued by Circle and natively issued on Stellar. EURCV, issued by Societe Generale FORGE, has been natively deployed on Stellar since March 2026 and is supported as a settlement asset, subject to primary access arrangements with the issuer.

Electronic money tokens are not central bank money. A holder receiving them takes the issuer's credit risk.

Data protection

Portfolio aggregates are published. Loan-level records are encrypted before storage and released only to entitled parties. Obligor records carry no directly identifying personal data.

Records are held on content-addressed storage, from which deletion is not possible. Erasure is performed by destroying the encryption key, which renders the corresponding records permanently unreadable.

Risk

Read the risk factors before forming a view on this programme. That page states what this design does not solve, including the limits of enforcement, of secondary liquidity and of the settlement asset.