Mechanism review
Refreshed 2026-09-22 (Noon feedback verification: custody split and binding legal terms re-pinned). Measured 2026-09-22 from the Accountable-operated Noon dashboard API (cache.accountable.capital/dashboard/noon), fetched 2026-09-22T23:24Z: at data timestamp 2026-09-22T20:31:03.926Z the feed reported total reserves of $40,086,693.58 against USN supply of $38,754,018.61 (collateralization 1.034388), deployed as 61.92% Fasanara FTAC private credit ($24,821,598.61), 13.40% HYPE funding-rate arbitrage ($5,370,082.56), 9.88% US Treasury bills ($3,960,515.97), 5.44% Undeployed ($2,179,938.83), 4.49% JAAA CLOs ($1,799,287.72), 2.44% DeFi lending on Euler ($977,302.87), 2.44% DeFi lending on Morpho ($977,965.99), and a $1.02 BTC funding-rate balance, custodied at Fasanara (61.92%, $24,821,598.61), ForDefi (22.94%, $9,195,978.92), Alpaca (14.37%, $5,759,803.69), an on-chain Safe (0.77%, $309,311.33), and Ceffu ($1.02); the five venue amounts sum to total reserves within one cent. This materially re-weights the 2026-07-27 overlay's split (Fasanara 71.18%, Safe 15.26%, Alpaca 13.22%, ForDefi 0.35%). The 9.88% US Treasury Bills bucket is not direct T-bill ownership: on-chain at Ethereum head block 26036288 (2026-09-22T23:24Z) it is a permissioned, rebasing Dinari USD+ position (contract 0xc9e3df3d230980b45adc623c81c3df4a73a5350f, implementation unverified on Etherscan/Sourcify, FULFILLER-role-gated asynchronous requestRedeem queue, transfer-restrictor blacklist) held in a Noon EOA, whose wallet balance 3,960,515.973656 equals the Accountable T-bill figure at par. The two published collateral wallets (a 4-of-5 Safe v1.3.0 with no modules and no guard, and a plain EOA with nonce 582) held only $574,101.01 of USDC+USDT at that block, so the Undeployed bucket is not the published wallet balances; and the issuer custody page names Ceffu for funding-rate arbitrage while the verified feed places the entire $5.37M HYPE funding-rate book in the ForDefi bucket. Binding terms reviewed 2026-09-22 (USN Terms of Service, last updated 2026-07-31): §6 processes standard redemption requests within five (5) Business Days, permits delay in extraordinary circumstances with written notice only after fifteen (15) Business Days and no obligation to disclose grounds, and provides that any validly submitted redemption request 'shall constitute an unsecured debt owed by the Company'; §1 grants USN holders no claim, participation interest, or economic right in the Company or its Affiliates and segregates reserves only from the Company's corporate operating funds (no trust, SPV, or named custodian terms); §29 reserves the issuer's 'absolute and unfettered discretion' to delay or gate redemptions during market stress or when liquidation of reserve assets is not reasonably practicable; §7 reserves minting/redemption fees with no fee schedule published on the Website. The liquidity page's 20%/60%/100% T+0/T+3/T+5 waterfall is in calendar days, is governance-voted rather than binding, and rests on the undisclosed multi-party PLMS facility; 61.92% of the book is Fasanara FTAC with a documented T+3-month redemption window. Grade adjudication under docs/process/mechanism-overlay-evidence-standard.md: seniority, legalEnforceability, and maturityAndLiquidity are weak because the binding primary sources document the deficiencies themselves - an unsecured claim with no reserve-asset priority (§1, §6), issuer redemption gating at absolute and unfettered discretion (§29), and a 5-Business-Day settlement term with 15-Business-Day notice-delay rights over a majority-T+3-month book with a non-binding liquidity waterfall - rather than because evidence is missing. creditQuality is limited: composition is third-party-verified at category level by the independent feed, but FTAC borrower identities and loan terms, the Dinari USD+ wrapper terms, the Undeployed wallet composition, and DeFi position detail are undisclosed. valuationCadence is adequate: the independently operated Accountable engine (inside the Noon perimeter, ingesting custodian/exchange data without Noon visibility) carried signed snapshot, zero-knowledge-proof, and Merkle-root attestations re-observed at the 2026-09-22 capture (interval 'live', verifiability 100%). custody is limited: the feed publishes an itemized custodian-sourced venue split reconciling to total reserves within one cent and the on-chain Safe share is externally anchored, but custodian legal terms and insolvency treatment are undisclosed, the ToS provides only segregation from corporate operating funds, and the custody page misattributes the funding-rate book to Ceffu. recovery is limited: the feed reports $2,447,622.38 of insurance cover (6.32% of USN supply) as insurance NFTs 5350 and 5386 at 0xcafeaca76be547f14d0220482667b42d8e7bc3eb, up from $1,570,997.42 (4.63%) at the 2026-07-27 review, but cover terms and any recapitalization obligation are undisclosed. weightedAverageMaturityDays is unavailable: the full 2026-09-22 API payload (deployment buckets, custody split, 665-point timeline, attestation bundle), Noon's transparency and liquidity docs (per-strategy liquidity windows only, e.g. FTAC's T+3-month window), and the product docs publish no position-level maturities, maturity ladder, or portfolio WAM, and deriving one from liquidity windows would be prohibited extrapolation. valuationCadenceDays retains the pinned 2026-07-27 journal measurement (0.0105, consecutive signed attestation snapshots ~15 minutes apart): the 2026-09-22 capture is a single fetch whose attestation-bundle timestamps (snapshot 20:15:39.547Z, ZKP 20:15:45.617Z, Merkle root 20:34:00.277Z) do not expose consecutive feed refreshes, and re-deriving a cadence from bundle-internal timestamps would be extrapolation.
