Mutav Pulse Protocol · TESTNET
MTESOURO Reserve
cTSR · tokenized Brazilian treasury (testnet test asset)
Overview
The MTESOURO reserve is a solvency-gated, tokenized vault that backs Brazilian rental guarantees and turns their fees into yield. Deposit cTSR and receive MTESOURO shares at NAV. Withdrawals are asynchronous: you request a redemption and claim it as the reserve's liquidity buffer frees up. The queue is paid from surplus over committed coverage, so redemptions never force the reserve below solvency. Running on Stellar testnet as a proof of concept: values are live on-chain reads, not a production reserve.
Policy
The underwriting brain. The reserve writes fee-gated coverage on rental guarantees and pays tenant defaults, while the solvency invariant keeps committed coverage at or below stable assets, always.
Reserve allocation
Economics
How the reserve makes its return and stays solvent — what the capital earns, and the margin that protects depositors when tenants default.
What it earns
Return on the reserve's capital — on its own, and from writing guarantees.
How it stays solvent
The margin between what the reserve owes on defaults and the fees backing it.
Guarantee Registry
?…Strategy
Mutav vaults put reserve capital to work through strategies and adapters. A strategy is a target allocation: the weight the vault's allocator aims to hold in a venue. An adapter is the on-chain contract that actually moves capital into that venue (DeFindex, for example) and reports its live balance back. The allocator rebalances toward the targets while keeping the rest liquid in the vault. Everything below is read live on-chain.
Allocation
…| Provider | Type | Target | Allocation | Amount | Yield |
|---|---|---|---|---|---|
| Loading strategies… | |||||
Allocation = actual on-chain share of total assets. Target = allocator intent (weight). Amount = live on-chain balance. Yield = modeled annual rate, not realized. Idle cTSR earns no yield on this reserve.
Contracts
No black box. Every number above reads from these Soroban contracts. Open any of them on the explorer to verify.
Custody, tokenized shares & NAV, the redemption queue, and the strategy allocator.
The underwriting brain: fee-gated coverage and default payouts.
Writer-gated store of the active guarantee book.
The reserve's underlying asset (Stellar asset contract).