Problem
Payouts that cannot be funded at the last minute still need cash sitting ready. That cash earns nothing.
Cross-border payments still run on money that has to be in place before the payout goes out —
local partners, cut-off times, corridors that cannot be borrowed against on demand. Stablecoins
moved that float on-chain. They did not put it to work. Most days it sits at 0%,
sized for the busiest day the route has ever had.
Two books
The group wants one pool so the idle float can earn. Each subsidiary still has to report
its own share — capital, yield, and what can be pulled back for a payout.
A payments group is not one wallet. Singapore, the UK, the UAE, and the rest each have a legal
entity, a local regulator, and a payout book. Pool the cash and you lose the trail. Keep it
separate and none of it is large enough to lend usefully. That is the constraint Ladder is built for.
SG treasury
UK limited
UAE entity
PH ops
Same group · separate books
Solution
Pool the float. Track the share. Earn while it waits. Recall it for a payout.
Each entity deposits USDC from its own book into a Ladder series. The series is one position on
Morpho Midnight — so the idle cash can actually clear a loan. Inside the series, SeriesVault
mints a share per entity. Yield, principal, and early exit all split pro-rata. Singapore
can pull its slice for a Manila payout without touching the UK book.
Entity deposits
Own book, own share
Earn while waiting
Vault V2 buffer
Lock the rate
Midnight match
Recall or redeem
That entity’s slice only
Midnight sees one lender. The group still sees five books. That is the point of the share ledger.
How it works
Variable while the corridor is quiet. Fixed once a borrower takes the other side.
Morpho Blue rates move with utilization — fine as a buffer, useless as a treasury headline.
Ladder parks the pooled float in Vault V2 until Tenor finds a borrower, then locks a known rate
to a known date on Midnight. If a payout hits before that date, the entity that needs the dollars
exits early against its shares; the rest of the series stays on.
The case
A $100B TPV group still leaves about $192M sitting at 0%. That is $10M a year.
Daily volume is $274M. Only the funded-in-advance slice has to sit — two days on 35% of the
book, in this working. Five legal entities still cannot mix that cash. So they leave it idle.
Ladder’s job is to pool it, keep the share per entity, and stop that $10M from being a cost of
doing nothing.
Opportunity cost
$100B TPV · the float they already hold
Assumptions, per-entity split, and what three years of 0% actually costs.
Read the case →
Product
What this looks like on an FX desk.
Architecture
One Midnight position. A share ledger per entity.
Ladder does not rebuild lending. It is a series state machine and pro-rata accounting
layer: when to buffer, when to lock, what happens at maturity, and how one entity
exits early without unwinding the group.
Lifecycle
Product lifecycle
Financial engineering of a series: issuance, matching, settlement, and how one entity’s claim is paid without mixing the others.
Open lifecycle →
Background on vaults and Midnight lives in
Education.
For educational purposes only. Not financial, investment, or legal advice.
Not all risks have been exhaustively studied.