The fundamental understanding
of quantum dynamics in advanced materials
requires precise characterization at the limit of spatiotemporal resolution.
Ultrafast scanning tunneling microscopy is a powerful tool combining
the benefits of picosecond time resolution provided by single-cycle
terahertz (THz) pulses and atomic spatial resolution of a scanning
tunneling microscope (STM). For the selective excitation of localized
electronic states, the transient field profile must be tailored to
the energetic structure of the system. Here, we present an advanced
THz-STM setup combining multi-MHz repetition rates, strong THz near
fields, and continuous carrier-envelope phase (CEP) control of the
transient waveform. In particular, we employ frustrated total internal
reflection as an efficient and cost-effective method for precise CEP
control of single-cycle THz pulses with >60% field transmissivity,
high pointing stability, and continuous phase shifting of up to 0.75
π in the far and near field. Efficient THz generation and dispersion
management enable peak THz voltages at the tip–sample junction
exceeding 20 V at 1 MHz and 1 V at 41 MHz. The system comprises two
distinct THz generation arms, which facilitate individual pulse shaping
and amplitude modulation. This unique feature enables the flexible
implementation of various THz pump–probe schemes, thereby facilitating
the study of electronic and excitonic excited-state propagation in
nanostructures and low-dimensional materials systems. Scalability
of the repetition rate up to 41 MHz, combined with a state-of-the-art
low-temperature STM, paves the way toward the investigation of dynamical
processes in atomic quantum systems at their native length and time
scales.