The stUSDT real-world asset protocol has begun winding down operations, ending rewards and opening a six-month redemption window for tokenholders nearly three years after its total value locked peaked at about $2.3 billion.
The team said interest accrual on stUSDT ended on Saturday. Holders of stUSDT and its wrapped version, wstUSDT, can redeem through the official portal until May 14, 2027. Requests submitted after that deadline will be handled through customer support in monthly batches through August 2027.
No reason disclosed
The stUSDT team did not disclose a reason for the shutdown but said all underlying assets remain fully backed. Holders with tokens on exchanges or DeFi platforms must transfer them to personal wallets before redeeming, according to the team.
Cointelegraph reached out to stUSDT for more information but did not receive a response before publication.
JustLend DAO adjusts wstUSDT market
JustLend DAO said it would phase out supply and borrowing functions for its wstUSDT market as part of the transition.
From $2.3B peak to $8.6M
Launched in July 2023 on Tron, stUSDT allowed users to deposit USDT and earn yields from investments in real-world assets, including short-term government bonds. The protocol later expanded to Ethereum.
According to DefiLlama data, stUSDT's TVL peaked at about $2.3 billion in November 2023 before declining substantially in subsequent years. It stood at about $8.6 million on Sunday, down from roughly $60 million a year earlier.
Despite its name, stUSDT is not affiliated with stablecoin issuer Tether. In September 2023, Tether denied any affiliation with stUSDT, saying the protocol was an independent project.
