stUSDT is shutting down. Rewards stopped on Nov 14 and the team opened a redemption window that runs until May 14 2027, per their own notice and Cointelegraph.
This was the Tron yield token where you put in USDT and it got parked in short term government bonds. At the peak in Nov 2023 it had about $2.3B locked according to DefiLlama. Now it's around $8.6M.
Team says everything is still fully backed but gave no reason for closing. If you hold any on an exchange or in JustLend, SunSwap or Curve, move it to your own wallet first, then redeem. And no, it was never Tether's product, they denied that back in 2023.
$TRX barely reacted, around 0.306 and down 2% on the day. Good reminder that yield wrappers don't live forever.
This was the Tron yield token where you put in USDT and it got parked in short term government bonds. At the peak in Nov 2023 it had about $2.3B locked according to DefiLlama. Now it's around $8.6M.
Team says everything is still fully backed but gave no reason for closing. If you hold any on an exchange or in JustLend, SunSwap or Curve, move it to your own wallet first, then redeem. And no, it was never Tether's product, they denied that back in 2023.
$TRX barely reacted, around 0.306 and down 2% on the day. Good reminder that yield wrappers don't live forever.
