Commit capital once.Every product draws on it.
The most expensive line in settlement is idle capital. The shared collateral network is designed to replace the buffers institutions keep for every venue, corridor and chain with one committed balance. Capital efficiency as infrastructure: issuers and desks draw, depositors earn the commitment spread, curators underwrite, applications join as adapters.
Five buffers
become one.
Payment companies prefund every venue, issuers park cash against redemptions, desks carry credit lines against T+1, solvers warehouse inventory on every chain. Each buffer is sized for its own worst day, fungible with nothing and earning nothing while it waits. The shared collateral network replaces them with one balance, held in Programmable Collateral Vaults.
In the docs: the shared collateral network → · Programmable Collateral Vaults →
Instant Redemption
replaces redemption buffersHolders exit T+0 through market makers, even mid-queue and when the primary market is closed.
Instant Settlement
replaces credit linesDesks and issuers are paid today on T+N legs. A purchase of the receivable, not a credit line.
Venue Prefunding
replaces per-venue balancesOne credit layer across every venue. Execute at flow size, fund at net size.
Solver Credit
replaces per-chain inventorySolvers fill on any chain with inventory on none. No bond, no margin, no prefunding.
Restaking proved that committed collateral can back obligations at scale. This network points that primitive at the settlement gaps institutions pay for every day, and adds what a regulated balance sheet needs: identifiable counterparties, re-checked at every draw, and settlement that works across chains.
- one balance
- Committed onceCapital sits in permissioned, curator-run Programmable Collateral Vaults with identifiable counterparties. Every product reaches it through an adapter, never through another buffer.
- the rule
- Verified obligations onlyMoney moves only against a verified obligation, and the proof of how it comes back is checked in the same transaction that draws it.
- founding lane
- An exchange, not a loanCash leaves the vault only if something worth more at oracle price arrives in exchange. There is no borrower who can default, only an asset that can be mispriced.
- encumbrance
- Tied up only while liveCapital is encumbered only while a draw is live, and only to that one obligation. The rest of the pool keeps working for every other product.
- counterparties
- KYB'd at every drawEvery counterparty is identified and re-checked at each draw, inside the same compliance perimeter as the settlement network.
- risk envelope
- Hard limitsDraws are secured by the settlement objects they fund plus haircuts, inside corridor limits, intraday caps and automatic stop-outs.
The depositors
are the users.
The idle buffers are somebody's money, and that somebody is the depositor. A payment company's float backs the venue draws the same company makes. An issuer's reserve backs the redemptions of its own token. A solver's freed inventory backs the fills it prices. The people who paid for the buffers bring their flow with them, which is what makes the liquidity committed rather than rented.
the pain
Prefunding scales with venue count, not with flow. The same dollar has to exist once per venue and once per corridor, each copy sized for that venue's worst day, and most of it waits for a day that rarely comes.
what changes
- One credit layer across every exchange and OTC venue: execute at flow size, fund at net size, and repay from your own collections on your own cycle.
- Weekends and cutoffs stop being outages. The stablecoin lane keeps conversions open when an issuer's banking rails are shut.
why they deposit
The float you hold today, committed once, backs your own venue draws and works on every other draw the network makes. The same balance sheet sits on both sides.
Capacity. One float stands behind a balance many times larger, steered to the busiest corridors.
Risk. Venue balances are the one case where money leaves the chain, so this lane rests on custodial and legal enforcement, not just code.
the pain
A token burns in seconds; the value behind it does not. Most non-stablecoin products still redeem on windows of 60 to 180 days, and the instant exits that exist are prefunded pools with caps. A token holders cannot exit in size is a token that will not grow.
what changes
- Integrate a redemption facility once.
- Holders exit T+0 even mid-queue, and the bid stands on off days and when the primary market is closed.
- Run fully invested: no idle float against a redemption promise, no incentive spend to keep the exit credible.
- Investor eligibility travels with the asset. Your own policy re-runs on every draw that services your redemptions.
why they deposit
The buffer you used to park becomes a deposit behind redemptions of your own token and everyone else's. The vault buys the token below oracle value and holds it until your own redemption pays face.
An exchange, not a loan. Duration is capped at the vault's withdrawal delay.
the pain
A cross-chain fill needs destination capital for seconds to minutes, until the fill proof releases the user's escrow. Today that is inventory warehoused on every chain, sized for the peak and idle between fills. $20 million across 10 chains at a 5% cost of capital is $1 million a year: at 4 bps, $2.5 billion of volume just to break even.
what changes
- Zero collateral: no bond, no margin, no prefunding.
- The vault pays the fill from pooled capital in one transaction, hedges the fill leg, claims the escrow the fill unlocks and repays itself.
- Quote against one credit line on every supported chain and keep what is yours: pricing and the spread.
- Run the redemption and settlement lanes as executor and price the wait without warehousing the duration.
why they deposit
The inventory you stop warehousing goes into the vault, where it funds your own fills and every other product between them.
Credit first. Fillers will not pay for rebalancing; credit is what they pay for. That is why Solver Credit is the first lane through the network.
the pain
Institutional flow still settles through bilateral relationships, prefunded into each venue rather than delivery versus payment, with T+1 cycles running while trades execute now and the wait riding on credit lines.
what changes
- Keep your own settlement cycle and still quote T+0.
- A vault buys the receivable from committed capital, a purchase rather than a credit line. The counterparty is paid today and the lines that carried the wait come off your balance sheet.
- Venue Prefunding collapses one balance per venue into the same credit layer.
why they deposit
The float you prefund into venues today becomes a deposit behind the network's receivables, including your own.
First-party provenance. Every receivable originates on TetraFi's deferred rail, and the rail that tracks the trade pays the vault at face when the cycle completes.
the pain
Stablecoins with banked reserves inherit banking hours. Mint and redemption pause overnight, over weekends and across cutoffs, and the cash held to cover that window earns bank-deposit rates and can do nothing else.
what changes
- A vault lane against your own redemption claims keeps the instant path open when the primary window is shut.
- The token redeems 24/7 without a 24/7 treasury desk.
- It becomes collateral-grade: what can be exchanged now can be liquidated now.
why they deposit
Part of the reserve, committed once, backs your own off-hours redemptions and every other product between them.
No new credit risk. The obligation the vault buys is your own par claim, so you take no credit risk you do not already carry.
The idle capital these vaults can unlock
| buffer | idle today | 2030 |
|---|---|---|
| PSP prefunding | $4.5–8B | $20B+ |
| Issuer cash held for redemption windows | $11–15B | $285–380B |
| Solver inventory | $2–5B | $12–30B |
| OTC deferred legs | $2.5–3B | $15–18B |
| Tokenised funds waiting on redemption windows | $23B | $1T+ |
| Fills and legs to front, per year | $1–1.5T | $6–9T |
One block ≈ $1B, drawn at the low end of each estimate. Today is a 2026 trough; 2030 applies published bank projections to the same buffers, under a fiat ceiling of $10T+ in banks' nostro accounts. TetraFi estimates; sources and derivations available on request.
Where the first deposits come from
TetraFi is its own first customer
Its settlement rails originate the first obligations the vaults buy. The first pool is TetraFi's own balance sheet or a single professional lender.
Clients seed their own sleeve
A committed client seeds the sleeve that serves its own flow.
Curators open envelopes
Curators open envelopes and bring their depositor bases.
Gated shares for allocators
Gated, fungible vault shares reach allocators who never onboard directly.
A network that originates its own first obligations has demand on day one.
One pool, many adapters
- The four lanes are the wedge, not the boundary. A new vault, a tokenised product, a guarantee line or an insurance cover ships as one adapter with access to the standing pool: no new pool to bootstrap, no liquidity to rent.
- Underwrite once, reuse everywhere. The vault is analysed once and every adapter inherits that analysis, so deviation is what stands out.
- Depth compounds. Every adapter brings new demand to the same pool and gives the same capital one more reason to stay. Whoever ships an adapter monetises it.
- Built for our own flow first. TetraFi's rails are the first flow through the pool, so anyone who plugs in joins a network that already has depth, and gains the capital efficiency of the shared collateral, not just the technology.
The shared collateral network is coming soon. Nothing on this page is an offer of, or an invitation to deposit into, any product. Participation will be limited to eligible institutional counterparties and subject to terms and applicable regulation. Market figures are TetraFi estimates.
Stop sending first.
See a trade requested, cleared, priced and settled in one flow, on your own corridors.