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Regulated access to India's performing credit market - tokenized as a permissioned digital token at GIFT City.
India runs one of Asia's fastest growing private credit markets. Category II AIFs managing performing credit portfolios have delivered 12-16% gross INR returns across multiple vintage years.1 Institutional allocators worldwide recognise the opportunity.
Almost none of them can access it
The barriers are structural: registration complexity, INR settlement friction, fund minimums sized for domestic institutions, and no onchain infrastructure connecting global capital to Indian credit. The result is a persistent allocation gap - global portfolios remain underweight Indian credit largely because of access, not because the risk is unattractive.
ICT closes that gap
ICT is an ERC-3643 permissioned digital token representing beneficial interest in aarnâ's GIFT City SPV. The SPV invests as a single institutional investor into Category II performing credit AIFs run by two of India's top credit asset managers, both institutionally rated, with audited, multi-vintage track records.
Investors hold ICT in their own wallets. Income is paid out periodically in USD or USDC, and redemptions run through periodic windows aligned to the underlying funds.
ICT is not a wrapper around a single loan book. It is diversified exposure to India's institutional credit market, delivered through regulated infrastructure, settled in USD or USDC.
Eligible accredited investors connect wallets via SIWE. KYC through Sumsub. ONCHAINID claims issued onchain. Subscribe by USD wire or in USDC. ICT minted to verified wallet.
aarnâ's GIFT City SPV is being developed under the IFSCA FinTech Sandbox framework. It subscribes into established Indian credit funds through the permitted route for offshore capital. FX conversion through an authorised dealer bank.
Two of India's top credit asset managers run the underlying Category II performing credit AIFs. Diversified across mid-market corporate borrowers. Periodic NAV reporting. Independent auditors.
ICT does not tokenize individual loans or issue against a single originator. The SPV allocates across Category II performing credit AIFs run by two of India's top credit asset managers, each regulated, independently audited, with established portfolio management teams.
Each underlying AIF maintains independent credit committees, portfolio concentration limits, and periodic regulatory reporting. aarna does not select individual borrowers, the fund managers make those decisions.
Stage 1 approved (April 2026). Stage 2 full application in IFSCA review. Q4 2026 launch target.
Every transfer validated against ONCHAINID claims - KYC, AML, accreditation, jurisdiction, sanctions screening. Non-compliant transfers are rejected at the smart contract level.
ICT is a permissioned digital token. Tokens cannot be transferred to non-whitelisted addresses. This is not DeFi-native, open-access yield. It is permissioned, gated, and auditable.
The underlying AIFs generate credit returns, historically 12-16% gross INR across vintages
The SPV receives INR distributions - periodic, per fund terms
FX conversion - INR to USD via an authorised dealer bank; hedge cost deducted
Platform and SPV costs deducted - management fee, admin, audit, custody
USD / USDC distributed to holders - pro-rata, periodic
Seeking USD-denominated yield from a non-US credit market with a different cycle, with regulatory infrastructure.
Looking for a differentiated allocation in Indian performing credit without the registration complexity.
Seeking real-world yield backed by audited assets, settled in USD or USDC.
1 Historical gross returns of the underlying fund category. Past performance is not indicative of future results.
2 Target return, illustrative and not guaranteed. Net of FX hedging costs, platform fees and SPV expenses.