Ladder · FX treasury

Architecture walkthrough

Step 1 of 9

Thin orchestration layer

Ladder does not rebuild Morpho or Tenor — it orchestrates a series state machine on top.

Ladder Morpho Tenor
Group entity
Treasury deposits USDC
From that legal entity’s book
Ladder
SeriesVault
Mints entity shares · NAV-based pro-rata
Morpho
Vault V2
Variable Blue yield while pooling
Ladder + Tenor
SeriesMatcher
Posts lend offer · Vault→Midnight callback
Morpho
Midnight position
Fixed rate · fixed term · SeriesVault = lender
EarlyExitHandler That entity’s slice only
RatifierAdapter Auto-renew at maturity
redeem() Pull payout at maturity

Series state

SUBSCRIPTION_OPEN → POOLING_CLOSED → MATCHED_ACTIVE → MATURED_SETTLED