diff --git a/core/.solhint.json b/core/.solhint.json
index f54af0b9a..7afe6405c 100644
--- a/core/.solhint.json
+++ b/core/.solhint.json
@@ -1,4 +1,5 @@
 {
   "extends": "thesis",
-  "plugins": []
+  "plugins": [],
+  "rules": {}
 }
diff --git a/core/contracts/Dispatcher.sol b/core/contracts/Dispatcher.sol
new file mode 100644
index 000000000..309da2ae8
--- /dev/null
+++ b/core/contracts/Dispatcher.sol
@@ -0,0 +1,69 @@
+// SPDX-License-Identifier: GPL-3.0-only
+pragma solidity ^0.8.21;
+
+import "@openzeppelin/contracts/access/Ownable.sol";
+
+/// @title Dispatcher
+/// @notice Dispatcher is a contract that routes TBTC from stBTC (Acre) to
+///         a given vault and back. Vaults supply yield strategies with TBTC that
+///         generate yield for Bitcoin holders.
+contract Dispatcher is Ownable {
+    error VaultAlreadyAuthorized();
+    error VaultUnauthorized();
+
+    struct VaultInfo {
+        bool authorized;
+    }
+
+    /// @notice Authorized Yield Vaults that implement ERC4626 standard. These
+    ///         vaults deposit assets to yield strategies, e.g. Uniswap V3
+    ///         WBTC/TBTC pool. Vault can be a part of Acre ecosystem or can be
+    ///         implemented externally. As long as it complies with ERC4626
+    ///         standard and is authorized by the owner it can be plugged into
+    ///         Acre.
+    address[] public vaults;
+    mapping(address => VaultInfo) public vaultsInfo;
+
+    event VaultAuthorized(address indexed vault);
+    event VaultDeauthorized(address indexed vault);
+
+    constructor() Ownable(msg.sender) {}
+
+    /// @notice Adds a vault to the list of authorized vaults.
+    /// @param vault Address of the vault to add.
+    function authorizeVault(address vault) external onlyOwner {
+        if (vaultsInfo[vault].authorized) {
+            revert VaultAlreadyAuthorized();
+        }
+
+        vaults.push(vault);
+        vaultsInfo[vault].authorized = true;
+
+        emit VaultAuthorized(vault);
+    }
+
+    /// @notice Removes a vault from the list of authorized vaults.
+    /// @param vault Address of the vault to remove.
+    function deauthorizeVault(address vault) external onlyOwner {
+        if (!vaultsInfo[vault].authorized) {
+            revert VaultUnauthorized();
+        }
+
+        vaultsInfo[vault].authorized = false;
+
+        for (uint256 i = 0; i < vaults.length; i++) {
+            if (vaults[i] == vault) {
+                vaults[i] = vaults[vaults.length - 1];
+                // slither-disable-next-line costly-loop
+                vaults.pop();
+                break;
+            }
+        }
+
+        emit VaultDeauthorized(vault);
+    }
+
+    function getVaults() external view returns (address[] memory) {
+        return vaults;
+    }
+}
diff --git a/core/deploy/02_deploy_acre_router.ts b/core/deploy/02_deploy_acre_router.ts
new file mode 100644
index 000000000..bf99d4d73
--- /dev/null
+++ b/core/deploy/02_deploy_acre_router.ts
@@ -0,0 +1,22 @@
+import type { HardhatRuntimeEnvironment } from "hardhat/types"
+import type { DeployFunction } from "hardhat-deploy/types"
+
+const func: DeployFunction = async (hre: HardhatRuntimeEnvironment) => {
+  const { getNamedAccounts, deployments } = hre
+  const { deployer } = await getNamedAccounts()
+
+  await deployments.deploy("Dispatcher", {
+    from: deployer,
+    args: [],
+    log: true,
+    waitConfirmations: 1,
+  })
+
+  // TODO: Add Etherscan verification
+  // TODO: Add Tenderly verification
+}
+
+export default func
+
+func.tags = ["Dispatcher"]
+func.dependencies = ["Acre"]
diff --git a/core/deploy/22_transfer_ownership_acre_router.ts b/core/deploy/22_transfer_ownership_acre_router.ts
new file mode 100644
index 000000000..686d378c4
--- /dev/null
+++ b/core/deploy/22_transfer_ownership_acre_router.ts
@@ -0,0 +1,22 @@
+import type { HardhatRuntimeEnvironment } from "hardhat/types"
+import type { DeployFunction } from "hardhat-deploy/types"
+
+const func: DeployFunction = async (hre: HardhatRuntimeEnvironment) => {
+  const { getNamedAccounts, deployments } = hre
+  const { deployer, governance } = await getNamedAccounts()
+  const { log } = deployments
+
+  log(`transferring ownership of Dispatcher contract to ${governance}`)
+
+  await deployments.execute(
+    "Dispatcher",
+    { from: deployer, log: true, waitConfirmations: 1 },
+    "transferOwnership",
+    governance,
+  )
+}
+
+export default func
+
+func.tags = ["TransferOwnershipAcreRouter"]
+func.dependencies = ["Dispatcher"]
diff --git a/core/scripts/fetch_external_artifacts.sh b/core/scripts/fetch_external_artifacts.sh
index 5c043568e..c75c98122 100755
--- a/core/scripts/fetch_external_artifacts.sh
+++ b/core/scripts/fetch_external_artifacts.sh
@@ -1,7 +1,10 @@
 #! /bin/bash
 set -eou pipefail
 
-ROOT_DIR="$(realpath "$(dirname $0)/../")"
+ROOT_DIR=$(
+    cd "$(dirname $0)/../"
+    pwd -P
+)
 TMP_DIR=${ROOT_DIR}/tmp/external-artifacts
 EXTERNAL_ARTIFACTS_DIR=${ROOT_DIR}/external
 
diff --git a/core/test/Acre.test.ts b/core/test/Acre.test.ts
index 74e764ca0..4a5960e3e 100644
--- a/core/test/Acre.test.ts
+++ b/core/test/Acre.test.ts
@@ -1,23 +1,23 @@
 import {
-  SnapshotRestorer,
-  loadFixture,
   takeSnapshot,
+  loadFixture,
 } from "@nomicfoundation/hardhat-toolbox/network-helpers"
-import { HardhatEthersSigner } from "@nomicfoundation/hardhat-ethers/signers"
-import { ethers } from "hardhat"
 import { expect } from "chai"
 import { ContractTransactionResponse, ZeroAddress } from "ethers"
-import type { TestERC20, Acre } from "../typechain"
+
+import type { HardhatEthersSigner } from "@nomicfoundation/hardhat-ethers/signers"
+import type { SnapshotRestorer } from "@nomicfoundation/hardhat-toolbox/network-helpers"
+import { deployment } from "./helpers/context"
+import { getUnnamedSigner } from "./helpers/signer"
+
 import { to1e18 } from "./utils"
 
-async function acreFixture() {
-  const [staker1, staker2] = await ethers.getSigners()
+import type { Acre, TestERC20 } from "../typechain"
 
-  const TestERC20 = await ethers.getContractFactory("TestERC20")
-  const tbtc = await TestERC20.deploy()
+async function fixture() {
+  const { tbtc, acre } = await deployment()
 
-  const Acre = await ethers.getContractFactory("Acre")
-  const acre = await Acre.deploy(await tbtc.getAddress())
+  const [staker1, staker2] = await getUnnamedSigner()
 
   const amountToMint = to1e18(100000)
   tbtc.mint(staker1, amountToMint)
@@ -33,7 +33,7 @@ describe("Acre", () => {
   let staker2: HardhatEthersSigner
 
   before(async () => {
-    ;({ acre, tbtc, staker1, staker2 } = await loadFixture(acreFixture))
+    ;({ acre, tbtc, staker1, staker2 } = await loadFixture(fixture))
   })
 
   describe("stake", () => {
diff --git a/core/test/Dispatcher.test.ts b/core/test/Dispatcher.test.ts
new file mode 100644
index 000000000..1fdecc5d9
--- /dev/null
+++ b/core/test/Dispatcher.test.ts
@@ -0,0 +1,156 @@
+import { ethers } from "hardhat"
+import { HardhatEthersSigner } from "@nomicfoundation/hardhat-ethers/signers"
+import { expect } from "chai"
+import {
+  SnapshotRestorer,
+  takeSnapshot,
+  loadFixture,
+} from "@nomicfoundation/hardhat-toolbox/network-helpers"
+import type { Dispatcher } from "../typechain"
+import { deployment } from "./helpers/context"
+import { getNamedSigner, getUnnamedSigner } from "./helpers/signer"
+
+async function fixture() {
+  const { dispatcher } = await deployment()
+  const { governance } = await getNamedSigner()
+  const [thirdParty] = await getUnnamedSigner()
+
+  return { dispatcher, governance, thirdParty }
+}
+
+describe("Dispatcher", () => {
+  let snapshot: SnapshotRestorer
+
+  let dispatcher: Dispatcher
+  let governance: HardhatEthersSigner
+  let thirdParty: HardhatEthersSigner
+  let vaultAddress1: string
+  let vaultAddress2: string
+  let vaultAddress3: string
+  let vaultAddress4: string
+
+  before(async () => {
+    ;({ dispatcher, governance, thirdParty } = await loadFixture(fixture))
+
+    vaultAddress1 = await ethers.Wallet.createRandom().getAddress()
+    vaultAddress2 = await ethers.Wallet.createRandom().getAddress()
+    vaultAddress3 = await ethers.Wallet.createRandom().getAddress()
+    vaultAddress4 = await ethers.Wallet.createRandom().getAddress()
+  })
+
+  beforeEach(async () => {
+    snapshot = await takeSnapshot()
+  })
+
+  afterEach(async () => {
+    await snapshot.restore()
+  })
+
+  describe("authorizeVault", () => {
+    context("when caller is not a governance account", () => {
+      it("should revert when adding a vault", async () => {
+        await expect(
+          dispatcher.connect(thirdParty).authorizeVault(vaultAddress1),
+        ).to.be.revertedWithCustomError(
+          dispatcher,
+          "OwnableUnauthorizedAccount",
+        )
+      })
+    })
+
+    context("when caller is a governance account", () => {
+      it("should be able to authorize vaults", async () => {
+        await dispatcher.connect(governance).authorizeVault(vaultAddress1)
+        await dispatcher.connect(governance).authorizeVault(vaultAddress2)
+        await dispatcher.connect(governance).authorizeVault(vaultAddress3)
+
+        expect(await dispatcher.vaults(0)).to.equal(vaultAddress1)
+        expect(await dispatcher.vaultsInfo(vaultAddress1)).to.be.equal(true)
+
+        expect(await dispatcher.vaults(1)).to.equal(vaultAddress2)
+        expect(await dispatcher.vaultsInfo(vaultAddress2)).to.be.equal(true)
+
+        expect(await dispatcher.vaults(2)).to.equal(vaultAddress3)
+        expect(await dispatcher.vaultsInfo(vaultAddress3)).to.be.equal(true)
+      })
+
+      it("should not be able to authorize the same vault twice", async () => {
+        await dispatcher.connect(governance).authorizeVault(vaultAddress1)
+        await expect(
+          dispatcher.connect(governance).authorizeVault(vaultAddress1),
+        ).to.be.revertedWithCustomError(dispatcher, "VaultAlreadyAuthorized")
+      })
+
+      it("should emit an event when adding a vault", async () => {
+        await expect(
+          dispatcher.connect(governance).authorizeVault(vaultAddress1),
+        )
+          .to.emit(dispatcher, "VaultAuthorized")
+          .withArgs(vaultAddress1)
+      })
+    })
+  })
+
+  describe("deauthorizeVault", () => {
+    beforeEach(async () => {
+      await dispatcher.connect(governance).authorizeVault(vaultAddress1)
+      await dispatcher.connect(governance).authorizeVault(vaultAddress2)
+      await dispatcher.connect(governance).authorizeVault(vaultAddress3)
+    })
+
+    context("when caller is not a governance account", () => {
+      it("should revert when adding a vault", async () => {
+        await expect(
+          dispatcher.connect(thirdParty).deauthorizeVault(vaultAddress1),
+        ).to.be.revertedWithCustomError(
+          dispatcher,
+          "OwnableUnauthorizedAccount",
+        )
+      })
+    })
+
+    context("when caller is a governance account", () => {
+      it("should be able to authorize vaults", async () => {
+        await dispatcher.connect(governance).deauthorizeVault(vaultAddress1)
+
+        // Last vault replaced the first vault in the 'vaults' array
+        expect(await dispatcher.vaults(0)).to.equal(vaultAddress3)
+        expect(await dispatcher.vaultsInfo(vaultAddress1)).to.be.equal(false)
+        expect((await dispatcher.getVaults()).length).to.equal(2)
+
+        await dispatcher.connect(governance).deauthorizeVault(vaultAddress2)
+
+        // Last vault (vaultAddress2) was removed from the 'vaults' array
+        expect(await dispatcher.vaults(0)).to.equal(vaultAddress3)
+        expect((await dispatcher.getVaults()).length).to.equal(1)
+        expect(await dispatcher.vaultsInfo(vaultAddress2)).to.be.equal(false)
+
+        await dispatcher.connect(governance).deauthorizeVault(vaultAddress3)
+        expect((await dispatcher.getVaults()).length).to.equal(0)
+        expect(await dispatcher.vaultsInfo(vaultAddress3)).to.be.equal(false)
+      })
+
+      it("should be able to deauthorize a vault and authorize it again", async () => {
+        await dispatcher.connect(governance).deauthorizeVault(vaultAddress1)
+        expect(await dispatcher.vaultsInfo(vaultAddress1)).to.be.equal(false)
+
+        await dispatcher.connect(governance).authorizeVault(vaultAddress1)
+        expect(await dispatcher.vaultsInfo(vaultAddress1)).to.be.equal(true)
+      })
+
+      it("should not be able to deauthorize a vault that is not authorized", async () => {
+        await expect(
+          dispatcher.connect(governance).deauthorizeVault(vaultAddress4),
+        ).to.be.revertedWithCustomError(dispatcher, "VaultUnauthorized")
+      })
+
+      it("should emit an event when removing a vault", async () => {
+        await expect(
+          dispatcher.connect(governance).deauthorizeVault(vaultAddress1),
+        )
+          .to.emit(dispatcher, "VaultDeauthorized")
+          .withArgs(vaultAddress1)
+      })
+    })
+  })
+})
diff --git a/core/test/helpers/context.ts b/core/test/helpers/context.ts
new file mode 100644
index 000000000..34875e43d
--- /dev/null
+++ b/core/test/helpers/context.ts
@@ -0,0 +1,16 @@
+import { deployments } from "hardhat"
+
+import { getDeployedContract } from "./contract"
+
+import type { Acre, Dispatcher, TestERC20 } from "../../typechain"
+
+// eslint-disable-next-line import/prefer-default-export
+export async function deployment() {
+  await deployments.fixture()
+
+  const tbtc: TestERC20 = await getDeployedContract("TBTC")
+  const acre: Acre = await getDeployedContract("Acre")
+  const dispatcher: Dispatcher = await getDeployedContract("Dispatcher")
+
+  return { tbtc, acre, dispatcher }
+}
diff --git a/core/test/helpers/contract.ts b/core/test/helpers/contract.ts
new file mode 100644
index 000000000..88a83812a
--- /dev/null
+++ b/core/test/helpers/contract.ts
@@ -0,0 +1,22 @@
+import { ethers } from "ethers"
+import { deployments } from "hardhat"
+
+import type { BaseContract } from "ethers"
+import { getUnnamedSigner } from "./signer"
+
+/**
+ * Get instance of a contract from Hardhat Deployments.
+ * @param deploymentName Name of the contract deployment.
+ * @returns Deployed Ethers contract instance.
+ */
+// eslint-disable-next-line import/prefer-default-export
+export async function getDeployedContract<T extends BaseContract>(
+  deploymentName: string,
+): Promise<T> {
+  const { address, abi } = await deployments.get(deploymentName)
+
+  // Use default unnamed signer from index 0 to initialize the contract runner.
+  const [defaultSigner] = await getUnnamedSigner()
+
+  return new ethers.BaseContract(address, abi, defaultSigner) as T
+}
diff --git a/core/test/helpers/index.ts b/core/test/helpers/index.ts
new file mode 100644
index 000000000..27ddcb0b9
--- /dev/null
+++ b/core/test/helpers/index.ts
@@ -0,0 +1,3 @@
+export * from "./context"
+export * from "./contract"
+export * from "./signer"
diff --git a/core/test/helpers/signer.ts b/core/test/helpers/signer.ts
new file mode 100644
index 000000000..0ae57f35e
--- /dev/null
+++ b/core/test/helpers/signer.ts
@@ -0,0 +1,31 @@
+import { ethers, getNamedAccounts, getUnnamedAccounts } from "hardhat"
+
+import type { HardhatEthersSigner } from "@nomicfoundation/hardhat-ethers/signers"
+
+/**
+ * Get named Hardhat Ethers Signers.
+ * @returns Map of named Hardhat Ethers Signers.
+ */
+export async function getNamedSigner(): Promise<{
+  [name: string]: HardhatEthersSigner
+}> {
+  const namedSigners: { [name: string]: HardhatEthersSigner } = {}
+
+  await Promise.all(
+    Object.entries(await getNamedAccounts()).map(async ([name, address]) => {
+      namedSigners[name] = await ethers.getSigner(address)
+    }),
+  )
+
+  return namedSigners
+}
+
+/**
+ * Get unnamed Hardhat Ethers Signers.
+ * @returns Array of unnamed Hardhat Ethers Signers.
+ */
+export async function getUnnamedSigner(): Promise<HardhatEthersSigner[]> {
+  const accounts = await getUnnamedAccounts()
+
+  return Promise.all(accounts.map(ethers.getSigner))
+}