Circle Arc · USDC-native invoice factoring
Turn invoices into liquid capital
Facevalue tokenizes a receivable as a debt-claim NFT, lets an investor buy it out at a discount in USDC, and settles the face amount deterministically at maturity — no counterparty does the moving, the contract does.
Total tokenized
0
USDC face value
Advanced
0
USDC funded
Active listings
0
awaiting funding
Avg est. APY
0%
listed + funded
The product
What is Facevalue?
A factoring market for tokenized receivables — the flagship vertical of the ARC portfolio.
The problem
Businesses sit on unpaid invoices for 30–90 days while cash is locked in the receivable. Traditional factoring is slow, opaque, and intermediated. The money shouldn't depend on trusting a middleman to pay out — it should depend on code.
The solution
A seller mints the invoice as an ERC-721 debt-claim NFT, lists it with an advance and a haircut, and an investor buys it out in USDC. At maturity the face amount is repaid and split by the contract — principal + fee to the investor, the remainder to the seller.
Core thesis: agents decide, rails execute. The underwriting terms (advance, haircut) are a decision an agent proposes. The money movement is a deterministic rail — a plain, testable contract function — never a model's reasoning. Every payout is traceable to its inputs.
The flow
How it works
A single lifecycle, enforced by the state machine on-chain.
Mint
Tokenize a receivable as an ERC-721 debt-claim NFT. The doc hash is a keccak256 of the invoice — the PDF itself never touches the chain.
Fund
An investor buys the NFT at a discount in USDC. The advance goes to the seller; the NFT moves to the investor.
Settle
At maturity the face amount is marked repaid and split — investor gets principal + fee, the seller the remainder.
Why Circle Arc
Built on a chain designed for money
Arc is a USDC-native L1 — the whole stack is one asset, not a gas token plus a wrapped stablecoin.
USDC is the gas
No ETH anywhere. Every fee is paid in USDC — the same asset you factor with.
Sub-second finality
Deterministic, instant settlement. Fund and repay confirm in under a second.
No wrapped tokens
Native USDC and EURC are already ERC-20 (6 decimals). No WETH-style wrapper to trust.
CCTP / Gateway ready
Native cross-chain hooks for the next phase — factor across chains via Circle's rails.
Interactive
Try the math
Drag the sliders and watch the settlement split and investor APY update live.
APY = (haircut ÷ advance) × (365 ÷ tenor) — simple, non-compounded.
Funds are conserved by construction — total USDC in equals total USDC out. Proven by the test_FullLifecycleFundsConserved suite.
Market composition
How the book breaks down
Live distribution of the current on-chain book.
Features
What's under the hood
A small, auditable surface that keeps the money path deterministic.
ERC-721 receivables
Every invoice is a transferable debt-claim NFT, not a ledger row.
Deterministic payout
Settlement is a plain function — no oracle, no discretionary step at payout.
Funds conservation
The split always sums to the face amount. Unit-tested.
Off-chain documents
Only a keccak256 doc hash is stored — the invoice data stays private.
Owner controls
Pause, unpause, and an optional investor whitelist are owner-gated.
Reentrancy-guarded
Every value-moving function carries a nonReentrant guard.
Comparison
Traditional factoring vs Facevalue
Security
Money stays safe
The MVP follows the portfolio's security checklist.
- ● Ownable — admin actions (pause, whitelist, fee) are owner-gated.
- ● Pausable — all user actions halt on emergency pause.
- ● ReentrancyGuard — every value-moving function is guarded.
- ● SafeERC20 — return values checked on every transfer.
- ● uint256 amounts — no overflow in the money math.
- ● Checks-effects-interactions ordering.
Roadmap
Where this is going
Single-investor buyout, owner pause, optional whitelist, off-chain doc hashing.
Arc Privacy Sector for confidential invoice data; multi-investor by-share funding.
CCTP/Gateway cross-chain factoring; an agentic underwriting layer (LLM decides, rail executes).
About the project
One of five ARC verticals
Facevalue is the invoice-factoring vertical of a portfolio that shares one rule — agents decide, rails execute.
agent-jobs
shared substrate
payroll-rail
pay runs + reconciliation
fx-checkout
multi-currency checkout
invoice-factoring
Facevalue — flagship
macro-pulse
signals + summaries
FAQ
Common questions
Is this a security / investment?
No. This is a demo system. It is not a securities offering and is not investment advice. No real funds move unless you fund a testnet wallet yourself.
What does the investor actually earn?
The fee = faceAmount × haircutBps / 10000, paid on top of the principal at repayment. With a 5% haircut on a 30-day invoice that annualizes to ~60% (simple, non-compounded).
What if the debtor doesn't pay?
After the due date the investor (or owner) can call markDefault. In the MVP there is no on-chain liquidation — the NFT stays with the investor.
Where does the invoice document live?
Off-chain. Only its keccak256 hash is stored on the NFT, so the underlying data stays private and verifiable.
Which chain and decimals?
Circle Arc (testnet 5042002) or local Anvil (31337). USDC ERC-20 is 6 decimals; gas is native USDC (18-dec view of the same balance).