3Jane launches with $10M warehouse line and $50M forward flow agreement to bridge DeFi and consumer lending

An Ethereum-based credit protocol just quietly became a capital provider for traditional fintech lenders. 3Jane publicly opened its doors on June 10, executing a $10 million senior warehouse facility and kicking off the first phase of a $50 million forward-flow program, all backed by pledged consumer receivables funneled through onchain structures.

How the deals are structured

The $10 million senior warehouse facility was executed with LendSwift, a lender focused on US consumer installment loans. Under this arrangement, receivables from those loans get pledged into a bankruptcy-remote special purpose vehicle, or SPV, which protects the assets inside from LendSwift’s creditors if the company runs into trouble.

The second deal involves Slope, a fintech that provides SMB lines of credit and buy-now-pay-later services. Slope’s client roster reportedly includes a Fortune 10 company. The initial phase, described as “phase 0,” consisted of an approximately $8.5 million whole-loan purchase covering SMB credit lines and BNPL receivables, with the full program targeting $50 million in forward-flow commitments.

The protocol’s native token, USD3, functions as what the team calls a “credit-backed yieldcoin” representing the senior funding tranche. Depositors minting USD3 are reported to earn yields around 8.5%. A staked version, sUSD3, offers leveraged exposure to the junior tranche with reported yields up to 15.4% APY.

A liquidity mining program launched alongside the protocol’s public opening, allowing USD3 minters to earn JANE token emissions.

A pivot from crypto-native lending

3Jane didn’t start out as a conduit for traditional lending. The protocol initially aimed to provide unsecured USDC credit lines to crypto-native users, leveraging verifiable asset proofs and onchain credit histories.

The evolution into what the team calls “Fintech Credit Conduits” represents a meaningful strategic shift. Rather than competing in the crowded DeFi lending market, 3Jane repositioned itself as infrastructure for traditional lenders who need capital, offering revolving warehouse lines, loan participations, and forward-flow agreements on Ethereum rails.

The project emerged from stealth following a $5.2 million seed round led by Paradigm in June 2025.

What this means for investors

The 8.5% on USD3 and up to 15.4% on sUSD3 are being generated from consumer and small business debt. If delinquency rates on the underlying loans tick upward, yields compress. The bankruptcy-remote SPV design is supposed to protect senior tranche holders, but the structure faces real stress if delinquencies spike.

The junior tranche, represented by sUSD3, bears the first losses. That 15.4% APY is compensation for being the shock absorber, and investors in sUSD3 are taking a leveraged position on the credit quality of LendSwift’s consumer borrowers and Slope’s SMB clients.

The $50 million forward-flow target with Slope will be the number to watch. Phase 0 at $8.5 million is a proof of concept. Scaling to $50 million means convincing USD3 depositors to commit significantly more capital, and it means the underlying loan performance needs to hold up as volumes grow.

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