PMS + bank feeds
Seasonal hospitality RWA protocol
liquid
seasonal
hotels
Product app demo
Live Seasonal Notes
Browse hotel-backed SRNs, inspect PMS-verified seasonal revenue, and follow an auditable financing workflow. Demo data for product illustration only; no live investment is offered.
SRN-ALP26
Hotel Alpenstern Zermatt
Whitelist openERC-3643 permissioned
Winter 2026 revenue note
SRN size
1,200,000 USDC
Advance rate
18%
Forecast occupancy
87%
Projected revenue
6.8M CHF
Subscription progress72%
Verified feeds
1
PMS bookings
2
Stripe payouts
3
Bank escrow
4
Room tax trail
Escrow waterfall
1
Escrow lockbox
2
Servicer reserve
3
SRN settlement
4
Hotel residual
10-25% advance
SPV-backed SRNs
Issuance
Escrow waterfall
Settlement
$STAY vault
Backstop
Mechanism
01 / 04
01 PMS + bank feeds
Origination
Score booked seasonal revenue before capital moves.
02 SPV-backed SRNs
Issuance
Mint permissioned revenue notes to whitelisted USDC investors.
03 Escrow waterfall
Settlement
Route realized room revenue through programmable payouts.
04 $STAY vault
Backstop
Backstop operational faults without insuring hotel demand.
Mechanism
01 PMS + bank feeds
Origination
Score booked seasonal revenue before capital moves.
10-25% advance
02 SPV-backed SRNs
Issuance
Mint permissioned revenue notes to whitelisted USDC investors.
ERC-3643
03 Escrow waterfall
Settlement
Route realized room revenue through programmable payouts.
monthly reconcile
04 $STAY vault
Backstop
Backstop operational faults without insuring hotel demand.
first-loss ops
Investor console
Portfolio and settlement view
Portfolio value
1,840,000 USDC
Active SRNs
4 notes
Next settlement
Feb 28, 2026
Pending payout
42,800 USDC
SRN-ALP26320ActiveFeb 28, 202618,420 USDC
SRN-LEM26140FundingJul 15, 2026Pending
SRN-VRB2690ReviewMar 31, 2026Pending
Subscribe flow
SRN-ALP26 allocation
01
Connect wallet
02
Verify KYC / accreditation
03
Choose USDC allocation
04
Mint permissioned SRNs
Compliance boundary
Reg D / Reg S
SPV per deal
No demand guarantee
SRNs represent seasonal revenue participation rights, not hotel equity. Figures shown are illustrative demo data.
Market
TAM
$20.4B
European seasonal hotel financing gap
SAM
$3.6B
Auditable high-seasonality first markets
5Y SOM
$122.5M
Annual SRN origination target
Hotels
350
Active properties at five-year scale