The Real Deal (TRD)
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TRD lets worldwide investors invest in productive assets in East Africa — starting with electric motorbikes — via the TRD Open-Ended Adaptive Debt Facility. TRD provides the trust and accounting layer for private credit — a live Risk Monitor, updated daily from independent third-party data: the micro-entrepreneurs' real-world productivity from Bolt, the lender's aggregated loan book from their Loan Management System, and borrower repayments confirmed on the M-Pesa payment rail.
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The TRD facility is underwritable because the operating data is aggregated inside a Trusted Execution Environment (TEE) and published openly on Walrus, the shared trust layer, so it cannot be quietly edited — you rely on verifiable performance, not a quarterly PDF the borrower writes about itself. The Risk Monitor builds on that public, aggregated data and tracks the facility's covenants and KPIs daily, with a focus on the Coverage Ratio (the riders' earnings versus debt service) and Portfolio at Risk (the share of the loan book overdue). A security agent incorporated in the legal system where the assets operate can take legal action and take over the loan receivables — the collateral securing the facility — when default occurs. Our first facility is a collaboration with a Kenyan electric-mobility lender — the first of many to come.
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The problem. You hold stablecoins and want yield that is both competitive and sustainable — real-economy yield, not the thin returns of overcollateralized crypto lending or headline numbers propped up by token incentives that won't last. Productive-asset lending in East Africa is exactly that opportunity — real assets creating value in the real economy, real repayment, real demand for capital — but it has never been investable on your terms. Every path in forces you to trust an originator's quarterly PDF and a stack of intermediaries you cannot independently verify, each pricing in the uncertainty they cannot resolve. So good loan books stay underfunded and yield stays locked behind opacity.
Why it's new. A live, daily loan book for a private credit portfolio has simply never existed — diligence has always meant quarterly, self-reported PDFs. It is only possible now because the enabling technology finally arrived: the operating data is aggregated in tamper-evident hardware (a TEE) and published openly on Walrus, the shared trust layer, where it can't be rewritten — and the Risk Monitor computes the risk from that public, aggregated data in front of you. Make that performance independently verifiable and a whole asset class opens to worldwide investors who could never touch it before.
How it works. The data streams are cross-checked against the NTSA vehicle registry — and against the M-Pesa payment rail, which confirms repayments actually reach the lender — so an asset cannot earn on paper while missing in reality, and a loan cannot read as current while the cash never arrives. Everything surfaces on the Risk Monitor — the same live metrics the lender runs internally, exposed to you with no information asymmetry. The Coverage Ratio flags Safe above 1.2x, At-Risk between 1.0–1.2x, and Undercollateralized below 1.0x, alongside loan-to-value and per-asset productivity — risk you can read at a glance, not infer from a report.
The deal. TRD pairs two innovations: the Risk Monitor that proves performance, and the TRD Open-Ended Adaptive Debt Facility your capital sits in — an open-ended facility that scales with the lender's verified performance rather than a fixed, static loan. It's built for predictability on both sides: the rate prices risk in real time but always between a floor and a ceiling, so neither side is blindsided. You keep flexibility — you can exit through a maintained cash buffer and scheduled payout windows — in exchange for a little upside, since the buffer that funds your liquidity isn't fully lent out. The honest trade-off is illiquidity: this funds real assets that can't be sold instantly, so exits run through the buffer and payout epochs, not one-click redemption. Our first facility backs a Kenyan electric-mobility lender financing motorbikes for Nairobi's gig-economy riders, with a pipeline across Tanzania, Uganda, and adjacent productive-asset classes.
Real-world enforcement. The corporate structure bridges on-chain and off-chain. Through a security agent, the facility holds a perfected, in-country, registrable claim over the loan receivables — an enforceable claim in the jurisdiction where the assets operate, not a paper promise. So a covenant breach you see on the Risk Monitor is one someone is legally empowered to act on, not just flag.
Why this is different. It is the order of operations. The risk monitoring is live before a single dollar is raised, and before the facility is ever opened we stress-test the scenarios — confirming each one is covered by a playbook, and that the protection each playbook calls for can actually be enforced. Nothing is improvised in a crisis. That is how real trust is built: by proof, not marketing talk and last-minute scrambling. And it is why the facility grows responsibly, at the pace trust is proven rather than the pace capital is chasing.
The result. A tighter trust premium: fewer intermediaries, lower cost of capital for the originator, and continuously-monitored yield for you — real yield earned from the assets' productivity in the real economy, competitive with your on-chain alternatives and backed by risk you can actually see and understand. Don't trust our marketing — in the Risk Monitor you will be able to inspect the loan book and telemetry yourself, and decide whether this is the real deal.