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 as soon as possible, typically within 1 day.*
- 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?
USDPC is available via:
- VALR's over-the-counter (OTC) desk.
- The USDPC/USDT spot pair on the exchange.
Please take note of the following before investing via the OTC desk:
- A minimum investment amount of 50,000 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.
OTC 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.
OTC Redemption process:
There are two flexible options available:
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 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. Presently, VALR is able to provide same-day liquidity at the NAV price - subject to change.
VALR OTC 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/USDPC-token
- The Garrington ECP factsheet can be found here.
Contact Emails for:
- 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 exclusive distribution partnership between VALR and RainFin. 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.
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. Are there minimums when buying USDPC on the exchange?
No, the $50,000 minimum is only applicable when buying via the OTC desk. For orders of $50,000 or more, the OTC desk is recommended.
4. Can I trade USDPC via the API?
Yes, USDPC/USDT can be traded via the API similarly to any other exchange pair on VALR.
5. 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.