Flume Capital brings Brazilian private payroll credit to institutional crypto investors. Salary deductions happen automatically before the borrower is paid. The result: ~15% p.a. in USD with structurally low default. Monthly coupon in USDC. Hedge is the originator's problem, not yours.
Payroll-deducted loans for Brazil's formal-sector workers. Repayments are withheld from salaries before the employee is paid. The borrower doesn't choose to repay — the system does it automatically.
Automatic salary deduction eliminates voluntary payment risk. The employer remits directly — the borrower never handles the repayment.
The underlying portfolio generates strong returns in BRL. After FX hedging (executed by the originator, not the investor) and operational costs, the net pass-through to investors targets ~15% p.a. in USD — distributed monthly in USDC.
Projected to nearly triple in the coming years, driven by regulatory reform and access for 42 million eligible formal-sector workers.
R$ 41B → R$ 120B projected
Lei 15,179/2025 introduced the TDS — an enforceable instrument against employers who fail to remit deductions. Combined with eSocial's automated validation, the system creates an auditable, legally protected repayment chain.
Our anchor originator has a proprietary digital platform, three origination channels (B2B2C, direct, and the government auction), and validated underwriting across four risk tiers. They receive 100% of credit applications from the national Crédito do Trabalhador marketplace — R$ 1 billion per day in organic demand with zero customer acquisition cost.
The most difficult element of this structure — a qualified originator willing to accept USD funding and manage the FX hedge internally — is confirmed and aligned.
Capital flows through a regulated offshore SPV. The FX hedge is the originator's responsibility. You deposit and receive in USD only.
Qualified investors deposit USDC into the SPV via KYC-gated portal. Receive bCONS tokens representing your position.
The ADGM-based SPV executes a senior debt agreement with the originator in USD terms.
Originator converts to BRL, underwrites payroll loans (ratings A/B priority), and manages FX hedge via NDF.
Salary deductions flow back through the SPV. Investors receive monthly coupon payments in USDC.
All figures denominated in USD. Compared against established institutional crypto yield sources available today.
| Product | Yield (USD) | Asset Type | Risk Profile |
|---|---|---|---|
| US T-Bills (Tokenized) | ~4.5% | Sovereign | Minimal |
| ETH Staking | ~3.5% | Network | Protocol + slashing |
| Morpho Blue-Chip Vaults | 6–8% | DeFi Lending | Smart contract |
| Maple / Tradable | 9–12% | Private Credit | Counterparty |
| bCONS — Flume Capital | ~15% | Payroll Credit | FX hedge + originator |
| Goldfinch (EM Credit) | 10–17% | EM Unsecured | High — no collateral |
Three independent forces converged in 2025 to create a narrow window for this product.
Brazil eliminated the mandatory employer agreement for payroll credit. 42 million formal workers gained instant access. eSocial integration automated verification and enforcement. The market was unlocked overnight.
Private credit became the largest category of tokenized RWAs at $20B in active loans. BlackRock, Apollo, Hamilton Lane moved on-chain. Infrastructure is mature — but most yield opportunities are saturated with T-bills at 4.5%.
Originators can underwrite faster than they can find capital. Our anchor originator alone receives R$ 1B in daily credit requests through the government auction — with zero acquisition cost. Traditional funding sources can't scale fast enough.
Anchor originator confirmed. SPV structure defined. Token architecture designed. Active conversations with qualified institutional investors for the inaugural fund.
Institutional appetite for real yield on-chain is proven. But the market is overweight sovereign debt, underweight emerging market credit with structural protection.
Our anchor originator receives R$ 1 billion in daily credit requests through the government's Crédito do Trabalhador auction. The demand is there. The constraint is capital.
We're conducting due diligence conversations with institutional investors. Request access to our term sheet, originator data, and detailed financial model.
Minimum investment: $100,000 · Qualified investors only · KYC required · Not available to US persons