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The Vault

The vault is the on-chain product boundary. It is an ERC-4626-style pUSD share vault with AP-only minting, AP-priced redemption requests, and solver-fillable order intents. The chain result is authoritative.

Role In The Flow​

Each product vault represents a share-based product with its own accounting state, supply controls, accepted settlement assets, role holders, and operational limits. The vault receives bounded AP instructions, verifies them on-chain, and updates product share state only when the instruction is valid.

Investors do not directly call ordinary open mint and redeem paths. They use AP quotes that the vault checks for signature, deadline, replay protection, settlement asset, receiver, and accounting bounds.

Runtime View​

Each product vault needs its own runtime view:

  • Current NAV per share and total supply.
  • Product-specific capacity, mint, and redemption limits.
  • Holdings and reconciliation state.
  • Accepted settlement assets and routing constraints.
  • Role state for AP signer, NAV reporter, order committer, solver, pauser, and mandate manager.
  • Administrative controls for pausing, mandate updates, and signer rotation.

For STBL and CHAO, comparable vault accounting matters because the two products represent opposite sides of the same Stability Index thesis. One vault being healthy does not automatically mean the other vault is available.

Settlement Boundary​

The vault enforces share accounting and settlement. It does not decide which external markets should be traded, and it does not replace solver execution or off-chain reconciliation. That separation keeps the on-chain product boundary small enough to audit while leaving execution logic outside the vault.

Order Intents​

When the product needs to adjust exposure, the vault can commit an active batch of solver order intents tied to the latest oracle basket and current mandate. Each intent specifies the token, side, price bound, remaining size, and expiry. Solvers can fulfill those intents, but the vault enforces the role, batch, price, size, and expiry checks onchain.

Emergency Boundary​

The manager can pause activity or start winddown when a critical issue is discovered or a PMF is retired. In winddown, the goal is to stop new activity and let shareholders recover remaining capital according to vault rules without depending on AP distribution.