diff --git a/src/server/test_utils.cc b/src/server/test_utils.cc
index 05870dfb2..9ece093a1 100644
--- a/src/server/test_utils.cc
+++ b/src/server/test_utils.cc
@@ -5,6 +5,7 @@
 #include "server/test_utils.h"
 
 #include "server/acl/acl_commands_def.h"
+#include "util/fibers/fibers.h"
 
 extern "C" {
 #include "redis/zmalloc.h"
@@ -661,7 +662,8 @@ void BaseFamilyTest::ExpectConditionWithinTimeout(const std::function<bool()>& c
     if (condition()) {
       break;
     }
-    absl::SleepFor(absl::Milliseconds(10));
+    ThisFiber::SleepFor(5ms);
+    // absl::SleepFor(absl::Milliseconds(10)); ??
   }
 
   EXPECT_LE(absl::Now(), deadline)
diff --git a/src/server/tiered_storage.cc b/src/server/tiered_storage.cc
index 7264d7e3b..858cd9cbf 100644
--- a/src/server/tiered_storage.cc
+++ b/src/server/tiered_storage.cc
@@ -6,12 +6,21 @@
 
 #include <mimalloc.h>
 
+#include <memory>
+#include <optional>
+#include <variant>
+
 #include "absl/cleanup/cleanup.h"
+#include "absl/flags/internal/flag.h"
 #include "base/flags.h"
 #include "base/logging.h"
+#include "server/common.h"
 #include "server/db_slice.h"
 #include "server/engine_shard_set.h"
-#include "util/fibers/fibers.h"
+#include "server/table.h"
+#include "server/tiering/common.h"
+#include "server/tiering/op_manager.h"
+#include "server/tiering/small_bins.h"
 
 ABSL_FLAG(uint32_t, tiered_storage_max_pending_writes, 32,
           "Maximal number of pending writes per thread");
@@ -19,6 +28,9 @@ ABSL_FLAG(uint32_t, tiered_storage_throttle_us, 1,
           "Slow down tiered storage writes for at most this usec in case of I/O saturation "
           "specified by tiered_storage_max_pending_writes. 0 - do not throttle.");
 
+ABSL_FLAG(bool, tiered_storage_v2_cache_fetched, true,
+          "WIP: Load results of offloaded reads to memory");
+
 namespace dfly {
 
 using namespace std;
@@ -770,4 +782,123 @@ bool TieredStorage::CanExternalizeEntry(PrimeIterator it) {
          !it->second.IsExternal() && EligibleForOffload(it->second.Size());
 }
 
+class TieredStorageV2::ShardOpManager : public tiering::OpManager {
+ public:
+  ShardOpManager(TieredStorageV2* ts, DbSlice* db_slice) : ts_{ts}, db_slice_{db_slice} {
+    cache_fetched_ = absl::GetFlag(FLAGS_tiered_storage_v2_cache_fetched);
+  }
+
+  // Find entry by key in db_slice and store external segment in place of original value
+  void SetExternal(std::string_view key, tiering::DiskSegment segment) {
+    if (auto pv = Find(key); pv) {
+      pv->SetIoPending(false);
+      pv->SetExternal(segment.offset, segment.length);  // TODO: Handle memory stats
+    }
+  }
+
+  void ClearIoPending(std::string_view key) {
+    if (auto pv = Find(key); pv)
+      pv->SetIoPending(false);
+  }
+
+  // Find entry by key and store it's up-to-date value in place of external segment
+  void SetInMemory(std::string_view key, std::string_view value) {
+    if (auto pv = Find(key); pv) {
+      pv->Reset();  // TODO: account for memory
+      pv->SetString(value);
+    }
+  }
+
+  void ReportStashed(EntryId id, tiering::DiskSegment segment) override {
+    if (holds_alternative<string_view>(id)) {
+      SetExternal(get<string_view>(id), segment);
+    } else {
+      for (const auto& [sub_key, sub_segment] :
+           ts_->bins_->ReportStashed(get<tiering::SmallBins::BinId>(id), segment))
+        SetExternal(string_view{sub_key}, sub_segment);
+    }
+  }
+
+  void ReportFetched(EntryId id, std::string_view value, tiering::DiskSegment segment) override {
+    DCHECK(holds_alternative<string_view>(id));  // we never issue reads for bins
+
+    if (!cache_fetched_)
+      return;
+
+    SetInMemory(get<string_view>(id), value);
+
+    // Delete value
+    if (segment.length >= 2_KB) {
+      Delete(segment);
+    } else {
+      if (auto bin_segment = ts_->bins_->Delete(segment); bin_segment)
+        Delete(*bin_segment);
+    }
+  }
+
+ private:
+  PrimeValue* Find(std::string_view key) {
+    // TODO: Get DbContext for transaction for correct dbid and time
+    auto it = db_slice_->FindMutable(DbContext{}, key);
+    return IsValid(it.it) ? &it.it->second : nullptr;
+  }
+
+  bool cache_fetched_ = false;
+  TieredStorageV2* ts_;
+  DbSlice* db_slice_;
+};
+
+TieredStorageV2::TieredStorageV2(DbSlice* db_slice)
+    : op_manager_{make_unique<ShardOpManager>(this, db_slice)},
+      bins_{make_unique<tiering::SmallBins>()} {
+}
+
+TieredStorageV2::~TieredStorageV2() {
+}
+
+std::error_code TieredStorageV2::Open(string_view path) {
+  return op_manager_->Open(path);
+}
+
+void TieredStorageV2::Close() {
+  op_manager_->Close();
+}
+
+util::fb2::Future<std::string> TieredStorageV2::Read(string_view key, const PrimeValue& value) {
+  DCHECK(value.IsExternal());
+  return op_manager_->Read(key, value.GetExternalSlice());
+}
+
+void TieredStorageV2::Stash(string_view key, PrimeValue* value) {
+  string buf;
+  string_view value_sv = value->GetSlice(&buf);
+  value->SetIoPending(true);
+
+  if (value->Size() >= 2_KB) {
+    if (auto ec = op_manager_->Stash(key, value_sv); ec)
+      value->SetIoPending(false);
+  } else if (auto bin = bins_->Stash(key, value_sv); bin) {
+    if (auto ec = op_manager_->Stash(bin->first, bin->second); ec) {
+      for (const string& key : bins_->ReportStashAborted(bin->first))
+        op_manager_->ClearIoPending(key);  // clear IO_PENDING flag
+    }
+  }
+}
+void TieredStorageV2::Delete(string_view key, PrimeValue* value) {
+  if (value->IsExternal()) {
+    tiering::DiskSegment segment = value->GetExternalSlice();
+    if (segment.length >= 2_KB) {
+      op_manager_->Delete(segment);
+    } else if (auto bin = bins_->Delete(segment); bin) {
+      op_manager_->Delete(*bin);
+    }
+  } else {
+    if (value->Size() >= 2_KB) {
+      op_manager_->Delete(key);
+    } else if (auto bin = bins_->Delete(key); bin) {
+      op_manager_->Delete(*bin);
+    }
+  }
+}
+
 }  // namespace dfly
diff --git a/src/server/tiered_storage.h b/src/server/tiered_storage.h
index ea862ef3e..82dc06e49 100644
--- a/src/server/tiered_storage.h
+++ b/src/server/tiered_storage.h
@@ -3,6 +3,9 @@
 //
 #pragma once
 
+#include <memory>
+
+#include "util/fibers/future.h"
 #ifdef __linux__
 
 #include <absl/container/flat_hash_map.h>
@@ -16,6 +19,38 @@ namespace dfly {
 
 class DbSlice;
 
+namespace tiering {
+class SmallBins;
+};
+
+// Manages offloaded values
+class TieredStorageV2 {
+  class ShardOpManager;
+
+ public:
+  explicit TieredStorageV2(DbSlice* db_slice);
+  ~TieredStorageV2();  // drop forward declared unique_ptrs
+
+  TieredStorageV2(TieredStorageV2&& other) = delete;
+  TieredStorageV2(const TieredStorageV2& other) = delete;
+
+  std::error_code Open(std::string_view path);
+  void Close();
+
+  // Read offloaded value. It must be of external type
+  util::fb2::Future<std::string> Read(std::string_view key, const PrimeValue& value);
+
+  // Stash value. Sets IO_PENDING flag and unsets it on error or when finished
+  void Stash(std::string_view key, PrimeValue* value);
+
+  // Delete value. Must either have pending IO or be offloaded (of external type)
+  void Delete(std::string_view key, PrimeValue* value);
+
+ private:
+  std::unique_ptr<ShardOpManager> op_manager_;
+  std::unique_ptr<tiering::SmallBins> bins_;
+};
+
 class TieredStorage {
  public:
   enum : uint16_t { kMinBlobLen = 64 };
diff --git a/src/server/tiered_storage_test.cc b/src/server/tiered_storage_test.cc
index 1b702426f..dba03178d 100644
--- a/src/server/tiered_storage_test.cc
+++ b/src/server/tiered_storage_test.cc
@@ -2,13 +2,19 @@
 // See LICENSE for licensing terms.
 //
 
+#include "server/tiered_storage.h"
+
 #include <absl/strings/str_cat.h>
 #include <gmock/gmock.h>
+#include <gtest/gtest.h>
 
+#include "absl/flags/internal/flag.h"
 #include "base/flags.h"
 #include "base/logging.h"
 #include "facade/facade_test.h"
+#include "server/engine_shard_set.h"
 #include "server/test_utils.h"
+#include "util/fibers/fibers.h"
 
 using namespace std;
 using namespace testing;
@@ -16,6 +22,7 @@ using absl::SetFlag;
 using absl::StrCat;
 
 ABSL_DECLARE_FLAG(string, tiered_prefix);
+ABSL_DECLARE_FLAG(bool, tiered_storage_v2_cache_fetched);
 
 namespace dfly {
 
@@ -33,6 +40,35 @@ class TieredStorageTest : public BaseFamilyTest {
   static void SetUpTestSuite();
 };
 
+class TieredStorageV2Test : public BaseFamilyTest {
+ protected:
+  TieredStorageV2Test() {
+    num_threads_ = 1;
+  }
+
+  void SetUp() override {
+    // TODO: Use FlagSaver if there is need to run V1 tests after V2
+    absl::SetFlag(&FLAGS_tiered_prefix, "");
+    absl::SetFlag(&FLAGS_tiered_storage_v2_cache_fetched, true);
+
+    BaseFamilyTest::SetUp();
+    auto* shard = shard_set->Await(0, [] { return EngineShard::tlocal(); });
+    storage_.emplace(&shard->db_slice());
+    shard_set->Await(0, [storage = &*storage_] {
+      auto ec = storage->Open(absl::StrCat("/tmp/tiered_storage_test", 1));
+      EXPECT_FALSE(ec);
+    });
+  }
+
+  void TearDown() override {
+    shard_set->Await(0, [storage = &*storage_] { storage->Close(); });
+    BaseFamilyTest::TearDown();
+  }
+
+ public:
+  std::optional<TieredStorageV2> storage_;
+};
+
 void TieredStorageTest::SetUpTestSuite() {
   BaseFamilyTest::SetUpTestSuite();
   SetFlag(&FLAGS_tiered_prefix, "/tmp/spill");
@@ -318,4 +354,55 @@ TEST_F(TieredStorageTest, GetValueValidation) {
   EXPECT_EQ(m.db_stats[0].tiered_entries, 0);
 }
 
+TEST_F(TieredStorageV2Test, SimpleStash) {
+  // Create simple values
+  vector<pair<string, string>> values(20);
+  for (unsigned i = 0; i < values.size(); i++) {
+    // 3 kb is above small bins size
+    values[i] = {absl::StrCat("key", i), string(3_KB, char('A' + i))};
+    Run({"set", values[i].first, values[i].second});
+  }
+
+  vector<util::fb2::Future<string>> futures;
+  shard_set->Await(0, [this, &values, &futures] {
+    auto& db_slice = EngineShard::tlocal()->db_slice();
+
+    // Schedule STASH for values
+    for (const auto& [key, _] : values) {
+      auto it = db_slice.FindMutable(DbContext{}, key);
+      storage_->Stash(key, &it.it->second);
+    }
+
+    // Wait for all values to be stashed
+    ExpectConditionWithinTimeout([&values, &db_slice] {
+      for (auto [key, _] : values)
+        if (db_slice.FindMutable(DbContext{}, key).it->second.HasIoPending())
+          return false;
+      return true;
+    });
+
+    // Now read all the values
+    for (const auto& [key, _] : values) {
+      auto it = db_slice.FindMutable(DbContext{}, key);
+      EXPECT_TRUE(it.it->second.IsExternal());
+      futures.emplace_back(storage_->Read(key, it.it->second));
+    }
+  });
+
+  // Wait for futures and assert correct values were read
+  for (unsigned i = 0; i < values.size(); i++)
+    EXPECT_EQ(futures[i].get(), values[i].second);
+
+  shard_set->Await(0, [&values] {
+    auto& db_slice = EngineShard::tlocal()->db_slice();
+
+    // Make sure all values were loaded back to memory
+    for (const auto& [key, value] : values) {
+      auto it = db_slice.FindMutable(DbContext{}, key);
+      std::string buf;
+      EXPECT_EQ(it.it->second.GetSlice(&buf), value);
+    }
+  });
+}
+
 }  // namespace dfly
diff --git a/src/server/tiering/op_manager.cc b/src/server/tiering/op_manager.cc
index 219151d52..54d9e500f 100644
--- a/src/server/tiering/op_manager.cc
+++ b/src/server/tiering/op_manager.cc
@@ -92,18 +92,18 @@ void OpManager::ProcessStashed(EntryId id, unsigned version, DiskSegment segment
 }
 
 void OpManager::ProcessRead(size_t offset, std::string_view value) {
-  auto node = pending_reads_.extract(offset);
-  ReadOp& info = node.mapped();
+  ReadOp* info = &pending_reads_.at(offset);
 
-  for (auto& ko : info.key_ops) {
-    auto key_value = value.substr(ko.segment.offset - info.segment.offset, ko.segment.length);
+  for (auto& ko : info->key_ops) {
+    auto key_value = value.substr(ko.segment.offset - info->segment.offset, ko.segment.length);
     for (auto& fut : ko.futures)
       fut.set_value(std::string{key_value});
     ReportFetched(Borrowed(ko.id), key_value, ko.segment);
   }
 
-  if (info.delete_requested)
-    storage_.MarkAsFree(info.segment);
+  if (info->delete_requested)
+    storage_.MarkAsFree(info->segment);
+  pending_reads_.erase(offset);
 }
 
 OpManager::EntryOps& OpManager::ReadOp::ForId(EntryId id, DiskSegment key_segment) {