Entities deposit from their own treasury → earn while the corridor is quiet → lock a fixed Midnight rate → recall that entity’s share when a payout hits.
Problem
Pre-positioned USDC has to sit ahead of payouts, so it earns nothing. Pooling it across
Singapore, the UK, and the UAE would make the float large enough to lend — and would
usually erase which entity owns what. Ladder pools the cash and keeps
a share per legal entity.
Step 1
Pooling & Subscription
SG
UK
AE
PH
US
USDC deposits↓
On window close · vault.deposit()
Subscription window open
Diverse group entities commit USDC from their own books to SeriesVault. Each mint is a share of that entity. On window close, idle capital deploys to Morpho Vault V2 for variable yield while matching begins.
→
Step 2
Offer Matching & Rate Execution
Window closes & matching
Fixed-term lender contract
↓Pooled funds
Borrower · Midnight position · credit/debt units
Ladder · orchestration
SeriesVault contract
Fixed-term lender of record · share per entity
Pooled funds match into a fixed-rate, fixed-term Midnight position via Tenor. Definitive rate and maturity secured on successful match.
→
Step 3
Maturity & Redeem / Renewal
▶ At maturity
SeriesVault
MATURED_SETTLED
Borrower repays · USDC + fixed return lands in vault
Path A
Auto-renewRoll into next ladder rung
Path B
RedeemPrincipal + interest back to that entity
Borrower repays at maturity. Each entity either redeems its pro-rata principal + fixed interest, or automatically rolls into the next rung. An early payout uses only that entity’s shares.
Variable while the corridor is quiet, fixed at match, books still separate.
Pooled USDC earns Morpho Blue yield in Vault V2 — then Tenor locks a real Midnight rate.
SeriesVault handles share accounting per entity; Midnight sees one lender, not five subsidiaries.
