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About 3Jane
3Jane is a credit-based money market deployed on Ethereum. Users deposit USDC to form a tranched capital pool: USD3 is the senior tranche, while sUSD3 is the junior tranche bearing first losses. Capital is deployed through two sleeves: Crypto Credit Lines (CCL), which issue uncollateralized credit to US-based crypto users against verifiable onchain and offchain assets, and Fintech Credit Conduits (FCC), which fund SMB and consumer receivables originated by US fintech lenders via warehouse loans, participations, and forward-flow agreements.
Its core narrative is "structured credit as software": compressing the bank warehouse → forward-flow → unrated ABS path into one programmable primitive. Underwriting blends onchain scores (Cred Protocol) with offchain VantageScore attested via zkTLS. Non-performing loans are sold through auctions to licensed US collections agencies.
The market pain point: most US fintech lenders are too small or too short-duration to access ABS markets (only ~15% of visible SMB fintech lenders reach ABS), creating a "permanent middle market."
Development over the past six months: pivoting from self-operated credit to the FCC model; executed two transactions — a $10M warehouse facility with LendSwift and an $8.5M whole-loan purchase from Slope; USD3 began allocating risk assets to the credit pool; the first FCC cohort (three anchor originators, $60M target capacity) is closing; liquidity mining launched with locked JANE token rewards. Since inception, the pool originated ~$8M to 60 US prime yield farmers with 100% monthly payments, zero defaults, and zero principal impairment over seven months.
Founded in 2024, 3Jane raised a $5.2M seed led by Paradigm, then released its whitepaper on Feb 25, 2025, outlining a peer-to-pool credit money market for zero-collateral USDC loans underwritten by on/off-chain credit data. In November 2025, the protocol launched on Ethereum mainnet (initially U.S.-only), opening its unsecured lending product to public users. A major milestone came when the pool reached ~$8M in originations to 60 yield farmers with zero defaults and zero principal impairment through stressed markets, validating the credit model. Subsequently, 3Jane executed an $8.5M whole-loan purchase from Slope (SMB credit receivables), marking its first external credit portfolio acquisition. In a strategic pivot, 3Jane announced evolution into Fintech Credit Conduits (FCCs)—tranched funding rails for other fintech lenders—while shifting USD3 from passive yield to senior exposure in the credit pool. It also launched a liquidity mining program, expanding capacity toward a $60M FCC pipeline with three anchor originators.
Major progress in the past six months (2026-03-03 to 2026-09-03):
In May 2026, 3Jane announced a strategic pivot from crypto-native credit lines to programmable credit facilities via warehouse loans and forward-flow agreements.
On June 10, 2026, it publicly launched, executing a $10M senior warehouse facility with LendSwift and the first phase of a $50M forward-flow program with Slope, including an ~$8.5M whole-loan purchase of SMB credit and BNPL receivables. It introduced USD3, a credit-backed yieldcoin (~8.5% APY), and sUSD3, a leveraged junior tranche (up to 15.4% APY), alongside a liquidity mining program.
By July 2026, total purchases from Slope had grown to $60M, with plans to expand into SMB lending and merchant cash advances.
Future focus and roadmap:
- Scaling "Fintech Credit Conduits" to provide warehouse lines, participations, and forward flows for traditional lenders.
- Launching Levered Callable Capital (LCC), turning unfunded committed capital into a permissionless, globally composable primitive.
- Expanding forward-flow volumes with partners and entering asset classes such as MCA.
Jacob Chudnovsky (Founder)
Previously worked in strategy at Aevo, where he led derivatives exchange growth and launched aeUSD. Background in quantitative finance and engineering.