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Coming soon. Roles below describe the planned protocol. At launch, vaults are TetraFi-curated with a whitelisted participant set; independent curation opens after.

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Curators

Curators deploy vaults and own their risk envelope: which obligation lanes are enabled, which assets qualify, the minimum discount every purchase must clear, per-executor and per-asset caps, the withdrawal delay, and the compliance policy that gates everyone else. They earn a share of the realised spread. Curation is where vaults compete. Two curators can serve the same redemption flow with different envelopes - one strict, single-jurisdiction, and short-duration; the other broader and higher-yielding - and depositors pick the envelope, not just the asset.

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Depositors

Depositors supply the vault’s asset and hold vault shares against it. Yield comes from real settlement demand, not emissions:
  • The discount spread - every obligation is bought below oracle value and matures at face
  • Intrinsic obligation yield - where the obligation itself accrues (a receivable priced with duration)
  • Idle-capital base yield - potentially, as a curator-optional strategy; an open design decision, since it adds external protocol risk
Exits go through a withdrawal delay - the same window that caps how long any obligation may live, so a requested exit can always be honoured from maturing obligations. If an obligation ever impairs, the loss marks all shares down pro-rata immediately: nobody wins by racing the exit.

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Executors

Market makers and solvers are the vault’s demand side. They spot the settlement gap, price the wait, and instruct draws - but the vault performs every exchange itself, so an executor never holds vault capital and cannot misdirect it.
  • Participation is whitelisted and KYB’d, with per-executor caps that follow demonstrated settlement behaviour
  • In the redemption lane, vault capital is usable solely to quote and fill redemptions through the RFQ flow - not as a general trading line
  • What executors gain is a book they couldn’t run before: servicing redemptions, T+1 settlements, and cross-chain fills at size, without warehousing the duration on their own balance sheet

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Asset Issuers

Issuers of tokenised assets and stablecoins integrate a redemption facility once and get continuous secondary liquidity against it - holders can exit instantly, even mid-queue or between redemption windows, because a vault stands ready to buy the wait.
  • No idle buffer sitting against redemption promises
  • No perpetual incentive spend to rent liquidity
  • Distribution into TetraFi’s institutional network comes with the integration

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Who Gates Whom

Every role passes compliance checks appropriate to it - KYB, sanctions, jurisdiction - against the vault’s own policy, and draws re-check standing at execution time. Compliance is configuration, per vault: the same primitive can run a tightly-scoped regulated vault and a broader one side by side.

How It Works

The atomic exchange these roles meet inside.

Register Interest

Tell us which side you’re on - issuer, depositor, curator, or executor.