Where the money is
Where the money lent to agents sits at any moment.
On this page
The Where the money is table on the Lend page splits the book into the places money can be. This article explains each row and the pool figures above it.
The rows
| Row | Meaning |
|---|---|
| Available to lend | USDC sitting in the vault. |
| Lent, stage 1 | Onboarding lines, funded by the credit co's own book. |
| Lent, stage 2 | Graduated lines, funded by pool money. |
| Recorded, not yet netted | Payments the vault has recorded, waiting to be netted onto the ledger. |
| Paid, not yet recorded | Payments USDC has settled from the vault that recordSpend has not booked yet. |
| Defaulted | Principal still owed on defaulted lines. A loss unless it is recovered. It sits outside the pool. |
A share shows as unknown when any row could not be read, because the total would be wrong.
The pool figures
| Figure | Meaning |
|---|---|
| Available to lend | USDC in the vault, with the time of the last chain read. |
| Utilization | Money lent, recorded and paid out, over the float plus those. |
| Junior cover | The junior pool as a share of the whole. Minimum 15%. |
| Default rate | Lines that defaulted, over every line ever opened. |