Single Asset Pools

Single Asset Pools

<figure> <img src="https://placeholder.com/piron-single-asset-diagram" alt="Single Asset Pool Structure"> <figcaption>Illustration of Piron Single Asset Pool</figcaption> </figure>

Overview

Single Asset Pools are Piron’s direct-exposure vaults, where investors allocate capital into a specific real-world instrument rather than a diversified portfolio. These pools are designed for investors who prefer to target individual opportunities such as commercial paper, invoice financing, or specific corporate debt issuances.

Each Single Asset Pool issues ERC-20 compliant pool tokens that represent a pro-rata claim on the value of that instrument. Unlike Managed Pools, which ladder maturities and balance across instruments, Single Asset Pools are concentrated vehicles tied to a single credit or issuance cycle.

This model allows Piron to expand beyond sovereign-backed instruments into the broader money market universe, offering investors the ability to access yield opportunities that are normally restricted to institutions or private credit funds.

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Pool Structure

The structure of a Single Asset Pool reflects its focused nature:

• Underlying Instrument

  • One specific issuance: e.g., a 180-day commercial paper note, an invoice financing facility, or a regulated short-term corporate bond.

  • Acquired and custodied through Piron’s regulated partners.

  • Capital is locked until the instrument matures.

• Tokenized Shares

  • Investors mint single-asset tokens by depositing stablecoins.

  • Tokens represent a direct claim on the NAV of the underlying instrument.

  • NAV/share increases over time as the instrument accrues its yield.

• Liquidity Profile

  • Withdrawals are typically only possible at maturity.

  • Early redemption may be supported on a best-effort basis via secondary trading or penalty exits, depending on pool setup.

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Pool Strategy

Each Single Asset Pool follows a fixed-term investment cycle:

• Lock-and-Mature

  • Deposits remain locked until the maturity of the underlying asset.

  • At maturity, proceeds are returned to the vault and distributed back to token holders.

• Yield Source

  • Commercial paper: purchased at a discount, redeemed at face value.

  • Invoice financing: interest paid on borrower repayments.

  • Corporate bonds: coupon accrual until maturity or repayment.

• Risk & Reward

  • Higher yields than sovereign T-Bills, reflecting increased credit risk.

  • Each pool is evaluated for issuer quality, tenor, and repayment certainty.

  • Transparency provided via on-chain attestations of the instrument’s status.

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Why Single Asset Pools?

Single Asset Pools complement Piron’s Managed Vaults by offering:

• Targeted Exposure: Investors choose specific opportunities (e.g., Nigerian corporate paper, a verified invoice pool).

• Higher Yield Potential: Non-sovereign issuers typically pay higher rates to attract capital.

• Flexibility for Borrowers: Corporates and SMEs can tokenize short-term financing needs, directly matching with investors.

• Transparency: Investors know exactly what instrument their capital is backing, reducing opacity common in traditional credit funds.