US Dollar Private Credit (USDPC) is a yield bearing dollar stablecoin which tracks the performance of the Garrington Private Credit en Commandite Limited Partnership (the “Garrington ECP”).
What is the Garrington ECP?
The Garrington ECP is a strategy that invests capital into a diversified portfolio of primarily senior secured, asset-backed private loans across North America. From a performance perspective, this strategy targets a return of 8-10% per annum.
What is USDPC and how does it work?
USDPC is a crypto asset issued on Arbitrum that represents an investment in Garrington ECP. This token tracks the performance of Garrington ECP, where the yield generated by the ECP is represented in the price of the token over time.
Key features (as communicated by RainFin / Garrington Capital):
- Asset-Backed Security: Each token is backed by a portfolio of over 95% senior secured loans with tangible assets as collateral.
- Strong Historical Performance: As of April 2025, the Strategy has delivered a 12-month return of 10.72% and a 3-year annualized return of 10.61%. Please note that past performance is not indicative of future results and actual returns may vary significantly.
- Institutional-Grade Management: Managed by Garrington Capital with 25 years of experience and over $5 billion in funded transactions since 1999.
- Enhanced Liquidity: VALR's Market Maker agreement aims to ensure redemption within a maximum of 30 days, with best efforts for 7 days or sooner under normal conditions. Please note that liquidity cannot be guaranteed under all circumstances and redemptions may be subject to delays or limitations.
- Transparent Proof of Reserves: Regular verification of underlying assets backing the tokens - as indicated by the issuer.
Who benefits from USDPC?
USDPC can help solve real challenges for the following:
- Individuals and businesses protecting against currency risk: Earn target returns of 8-10% while maintaining your hedge against local currency volatility. Please note that returns are not guaranteed.
- Global treasury managers & global businesses: Efficiently manage stablecoin holdings without complex banking relationships.
- Stablecoin holders seeking yield: Convert your idle balances into USDP in order to earn yield.
How do I invest in USDPC?
Trading USDPC is currently only available through VALR's over-the-counter (OTC) desk.
Please note the following before investing:
- A minimum investment amount of 5,000 USDC or the equivalent value per subscription is required
- There is no minimum amount for redemptions
- Tokens can be purchased or sold using USDC/USDT
- VALR's OTC desk can be reached here for a custom quote
Direct platform purchasing will be available in the future, meaning all VALR users would be able to trade USDPC directly on the VALR platform in the future.
Subscription process
After submitting a request to purchase USDPC via our OTC desk, VALR will deliver the equivalent number of USDPC tokens based on the price of USDPC on the day. USDC or USDT will be transferred out of your account to pay for the subscription.
Redemption process
Two flexible options:
- Direct Redemption: Redeem tokens through VALR's OTC desk. On the day redemption is requested, the price per token is fixed at the current net asset value (NAV), with liquidity aimed to be provided within 7-30 days. Please note that redemption periods are estimates and are subject to liquidity and market conditions.
- Same day liquidity: For immediate liquidity, tokens can be sold through VALR's OTC desk at the best available price.
VALR charges a small spread of 0.1% on subscriptions and direct redemptions, while a 1% spread is charged on Instant Sale.
Learn more
For more information about USDPC and the underlying Garrington ECP, visit:
- rainfin.com/usd-pc-token
- The Garrington ECP factsheet can be found here
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Email:
- VALR Support: help@valr.com
- RainFin (Product Manager): info@rainfin.com
- Garrington Capital: investors@garringtonprivatecredit.com
This investment opportunity is brought to you through the distribution partnership between VALR and RainFin. VALR is not the issuer of USDPC and VALR's role is strictly limited to that of facilitation on its platform. USDPC tokens represent capital contributions to the Garrington Private Credit en Commandite Limited Partnership. Past performance is not an indicator of future performance. Investment involves risk. Performance and liquidity are not guaranteed by VALR. Please read all relevant documentation before investing.
Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate - please refer to our comprehensive set of risk disclosures here. VALR makes no guarantee as to the performance of this product nor any returns being provided. Past performance is not an indicator of future performance, and investment involves risk. Please read all relevant documentation before investing. Any information provided by VALR in relation to this token offering is for informational purposes only and should not be construed as investment, financial, tax, or legal advice. You are solely responsible for your investment decisions. VALR is not liable for any losses arising from the volatility, illiquidity, technological failures, or other risks inherent in virtual assets and this specific token.
FAQs:
1. Why does the price of USDPC change over time?
Every day, the value of USDPC is recalculated based on the NAV of the Garrington ECP and you can expect to see the price of USDPC change on a daily basis based on the performance of the strategy.
2. Am I able to withdraw USDPC from VALR?
Yes, both deposits and withdrawals of USDPC are available on the Arbitrum network. Please only withdraw USDC to a compatible Arbitrum wallet, no other networks are supported at this time. Please note that VALR is not responsible for any losses incurred due to incorrect wallet addresses or network selections.
3. Who is Rainfin?
Rainfin (Pty) Ltd. (FSP 45756), an authorized Category I financial services provider, is the “General Partner” of the Garrington ECP and the partner of VALR in bringing USDPC to market. This partnership is for distribution purposes and does not imply a guarantee of the services or the product.