Verglas Treasurer

The first resident of the vault: an autonomous corporate treasurer that pays FX-timed supplier invoices inside the owner's rules. Born from Hazinedar (our Stellar-side treasury pilot), reborn on Avalanche as a composition over the vault.

The problem it solves

An importer holds TRY and owes USD-denominated supplier invoices. Banks convert on the due day at a 2–4% spread. The treasurer does two things better:

• rail spread: stablecoin rails cost ~0.1% instead of the bank's 2–4% — an unconditional saving;
• FX timing: inside the due window it converts at the best observed rate, with a hard deadline guarantee.

Backtest on real ECB USD/TRY data (2025-06-02 → 2026-05-29, 12 × $60K invoices, 15-day windows): 3.79% total saving ≈ 1.2M TRY/yr — decomposed honestly into spread (always positive) + timing (can go negative when TRY strengthens). The harness lives in agent/src/backtest/.

How the composition works

VerglasTreasurer is the vault's agent. payFX(supplier, amountUsdc, priceUpdate):

1. only the keeper (operator) may call; treasurer must not be paused;
2. applies the price update when one is attached (fee paid in the same call) — since the July 2026 Pyth cutover the live feed is the keeper-signed VerglasOracle shim, read through the same IPyth ABI, so an empty update works while the keeper keeps the shim fresh;
3. reads getPriceNoOlderThan(USD/TRY, 26h) and normalizes the exponent;
4. FX circuit breaker: if the live rate deviates from the owner's reference rate by more than maxSlippageBps, revert — a human looks again;
5. calendar-day cap: per-calendar-day spend accumulator (block.timestamp / 1 days, lazily reset) must stay under the treasurer's dailyLimit policy — owner-adjustable, and not to be confused with the vault's own rolling 24-hour cap, which is immutable and window-based rather than calendar-aligned;
6. delegates to account.spend() — whitelist, per-tx limit, budget, and the owner's freeze still rule.

The vault's brake always wins: freezing the account silences the treasurer unconditionally (covered by the load-bearing composition test).

Owner controls

setPolicy({dailyLimit, maxSlippageBps, referenceRateUsdTry}) · setOperator (keeper recoverability) · pause/unpause (treasurer-local brake, layered under the vault's freeze).

The keeper

agent/src/tick.ts — a one-shot tick, deliberately not a daemon: fetch the live rate, compute the window low from the ECB daily series, run the 5-rule deterministic strategy (deadline guarantee + catch-the-dip; not an LLM), and if the decision is convert, execute payFX.

TREASURER_ADDRESS=0x... npm run tick   # in agent/

Note: hermes.pyth.network moved behind an API key on 2026-07-31 (Pyth Core plans), so the production path no longer touches Hermes at all: the keeper signs independent FX readings (ECB via frankfurter + open.er-api) into the VerglasOracle shim, and payFX reads them through the IPyth ABI unchanged.

Compliance posture (TR)

The ramp is outside the product: the business's own licensed exchange account handles TRY↔USDC. The vault is USDC-in/USDC-out for cross-border supplier payments; FX timing acts as a signal plus a timed stablecoin payment — never custody, never brokerage.