We’re evolving from a narrow set of yield strategies into a broader and more holistic basket—designed to maximise our yields across all market conditions. We can only do this by accessing every safe and stable source of yield across all financial markets. As always, we’re doing this with radical transparency, giving you real-time insight into our decision-making and governance frameworks. And of course, we are prioritising safety of our funds.

Rather than speak about this expansion theoretically, we’re anchoring our rollout in a live, real-world example: F-TAC, a multi-asset private credit fund managed by Fasanara Capital.

In this post, we’ll walk you through our deployment governance framework—and evaluate whether F-TAC deserves a spot in Noon’s yield engine.

What are private credit funds?

Before diving in, a brief intro to the private credit fund asset class.

A private credit fund is an investment vehicle that lends directly to companies—often mid-sized or non-public firms—outside of traditional banking channels. These funds pool capital from investors to provide loans in exchange for interest income and potential capital gains. Typically managed by specialized asset managers, private credit funds focus on strategies like direct lending, mezzanine financing, or distressed debt.

However, they are largely inaccessible to retail investors due to high minimum investment thresholds, regulatory restrictions, and limited liquidity. These characteristics typically make them suitable primarily for institutional investors and high-net-worth individuals who can tolerate higher risk, longer investment horizons, and complex deal structures.

Noon has focused only on evaluating private credit funds which have very conservative risk appetites, reducing downward volatility. In addition, Noon has also worked with a range of private credit funds to ensure sufficient liquidity for our users. This addresses the primary constraints of this asset class - and makes this unique risk / reward profile accessible to every Noon user, via sUSN.

You can find a brief primer on Private Credit Funds here.

What is F-TAC?

F-TAC (Fasanara Tactical Credit) is a multi-asset private credit fund that invests in short-duration, high-yield lending strategies like:

• Trade receivables

• Consumer credit

• Real estate-backed loans

• Sports/media finance

• Liquid structured credit

It targets 12–15% net annual returns, 0 down months and 100% positive months since inception, and institutional-grade risk management. Unlike tokenized ETFs or on-chain vaults, F-TAC runs entirely on traditional rails, with redemptions and subscriptions processed through regulated financial infrastructure.

This makes it an ideal next step as we scale Noon into non-tokenized, but high-performing credit markets—while maintaining our core values of stability, accessibility, and transparency.

We’re not jumping in blindly

Every new strategy must pass through Noon’s four-phase pipeline, including a robust, public-facing risk assessment framework.

Let’s walk through that process now—with F-TAC as our next use-case.

Our strategy pipeline

1. Strategy and Asset Class Selection

We begin by screening for strategies that:

• Offer diversified, risk-adjusted returns

• Provide liquidity that fits our redemption models

• Can be monitored and modeled programmatically

• Are compatible with a tokenized or crypto-native wrapper (even if the strategy is TradFi-based)

Combining F-TAC with Noon’s proprietary liquidation strategy meets all four criteria. F-TAC itself is  uncorrelated with major equity indices, deeply diversified across originators and geographies, and can be wrapped in a tokenized representation without exposing users to smart contract risk.

2. Risk Assessment Framework ← We are here

For now, the forum is open for feedback and comments. While we may choose to move quickly to deploy to this specific asset prior to TGE, after Noon’s TGE, token holders will be able to vote on whether to proceed with new deployment strategies similar to F-TAC.

3. Execution Planning

If a strategy passes risk evaluation, we move into tactical execution planning. For F-TAC, this includes:

• Establishing maximum position size and drawdown-based throttling

• Modeling entry/exit cycles based on redemption timing and manager AUM

• Setting up an automated rebalancer to compare F-TAC’s performance with other credit strategies

In plain terms: we prepare to deploy conservatively, then scale dynamically—without exposing our protocol to unnecessary risk.

4. Testing & Scaling

Pending final sign-off, we will:

• Deploy a test allocation to F-TAC

• Monitor return consistency, redemption timelines, and operational workflow

• Stress-test the fund’s behavior under different macro and liquidity regimes

If our internal testing aligns with expectations, we’ll expand allocation and fold F-TAC into our automated yield engine.

If all goes well, we expect to begin testing & scaling before the end of the quarter.

A Future with Shared Governance

This is the first of many deployments that will be subject to community participation. Once our governance token is live, you will vote on strategy approvals, upgrades, and scaling thresholds.

Over time, this means a full transition—from centralized strategy approvals to decentralized, transparent yield governance.

Together, we’ll build a credit engine that belongs to its users.

Final Thoughts

Our mission is clear:To build the most intelligent and fair yield-bearing stablecoin in the world.

This deployment, and others like it, speak directly to our quest to build the most intelligent yield-bearing stablecoin. For example, this deployment in particular gives sUSN holders access to a diversified source of risk-adjusted yield, which is counter-cyclical and has low correlation to Noon’s other deployment strategies. It will help us increase our yields in both the short and long term, through market cycles.

F-TAC is not just another asset—it’s a window into how Noon is evolving into a multi-strategy, institutionally-aligned credit platform. If you’re here early, you’re part of defining how these strategies unfold.

Stay tuned.More strategies are coming—and you’ll have a voice in every one of them.

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