Pareto is an onchain private credit marketplace connecting institutional lenders and borrowers through Credit Vaults. Its FalconX USDC Credit Vault, curated by M11 Credit, provides USDC financing for FalconX's prime brokerage lending activities. Eligible lenders receive AA_FalconXUSDC, an ERC-20 token representing their position in the vault. The token reflects the position's value and credit returns, with deposits and redemptions governed by the facility's terms, verification requirements and lending cycles.