Kestrel Trade Finance

What the token is

KTF is described as a claim on a revolving pool of trade receivables, 30 to 120 days, against goods already shipped. The stated yield is 9% to 12%.

Trade finance is a genuinely good fit for a short-dated on-chain product, and it is also the asset class with the least visible collateral. A receivable is a promise to pay for something you cannot see, from a buyer whose name you are usually not told.

What we could establish on our own

The Singapore entity is real and current on its filings, incorporated March 2024, with two directors and paid-up capital of SGD 100,000. The product page names no obligors, no insurer and no servicer.

The contract is a simple ERC-20 with a mint function behind an owner key, and the owner is an externally owned account. Supply moves in round numbers on roughly monthly intervals, which is consistent with a manually managed pool.

What we asked for and did not get

We wrote in May 2026 asking for the credit insurance policy, the servicer’s name, and a concentration breakdown by obligor. There has been no reply.

Concentration is the question that decides this asset class. A pool of 200 receivables and a pool of 6 receivables can carry the same yield and are not the same product, and nothing published so far tells you which one this is.

What is still open

Everything an underwriting needs. Obligor concentration, whether the receivables are insured, who services collections, what happens on a default, and whether the pool is over-collateralized at all.