As reported by ChainCatcher on November 14, 2026, stUSDT and its wrapped version, wstUSDT, had begun an orderly wind-down. The tokens operate on Tron and Ethereum. stUSDT was used for real-world-asset investment, with a strategy focused mainly on highly rated short-term government bonds; returns had been distributed by increasing holders’ balances through rebase rewards.
An official announcement said rebase rewards ended on November 14, 2026, when redemptions opened. The redemption portal is scheduled to close at 7:59 p.m. U.S. Eastern time on May 14, 2027. The official exit guide did not state why the product was being wound down or specify redemption rates or fees. The team said all underlying assets remained fully backed.
DefiLlama data cited in the report put stUSDT’s total value locked at approximately $9.49 million on November 14, 2026, almost all on Tron, versus $60.28 million on November 14, 2025. That comparison shows a smaller amount locked a year later; it does not, by itself, establish why the decline occurred or measure the number of users.
For redemption, holders must first move tokens held on exchanges or platforms such as JustLend, SunSwap and Curve to a personal Web3 wallet. stUSDT holders must use Unstake on the official Stake page and then Claim their USDT; submitting an unstaking transaction alone does not complete redemption. wstUSDT holders must first use Unwrap on the Wrap page to convert it to stUSDT. Wallets need TRX or ETH for network fees. After the portal deadline, redemption requests must go through official customer support and will be processed in monthly batches through August 2027.