NA Capital-as-a-Service SSTN

NA Capital-as-a-Service SSTN is a tokenized debt instrument that gives on-chain holders exposure to cash flows generated by merchant cash advances made to small and medium-sized businesses in North America. The notes are issued by Victory Park Capital Advisors under the North America Capital-as-a-Service Senior Secured Term Notes deal and are brought onto blockchain rails by Tradable.xyz on the ZKsync Era network. The asset is designed to connect institutional and retail participants to the private credit market by packaging traditional credit exposure into a digital token.

The token lives on ZKsync Era, a layer-2 network that uses zero-knowledge proof technology to settle transactions at lower cost and with greater throughput than Ethereum's base layer, while inheriting its security. Tradable.xyz embeds smart contracts that enforce AML and KYC compliance checks, so token transfers and issuance occur within a regulated framework rather than open permissionless markets. The token itself represents a claim on the underlying term notes, meaning its value is tied to the repayment performance of the merchant cash advance portfolio rather than to speculative trading activity.

The data provided does not include a fee stream, revenue figure, or protocol earnings figure, so no fee-based measures are available for this asset on this site. The token is priced at 1.0 USD and has a circulating supply of 50,600,000 units, giving a market capitalization of 50,600,000 USD at the point in time recorded. The maximum supply is 100,000,000 units, meaning 50.6 percent of maximum supply is currently in circulation, with the remaining capacity not yet issued. Because no fee data is stored, yield, spread, or income metrics that would typically accompany a private credit instrument cannot be reported here.