Summary
- stUSDT said it has halted interest payments and entered the service shutdown process, while supporting asset redemptions through May 14, 2027.
- It said stUSDT deposits fell from about $2.3 billion in November 2023 to about $8.63 million, down 99.6% from the peak.
- stUSDT said deposits dropped 80% in a single day on Nov. 14, falling from about $47.55 million to about $9.5 million, and said there will be no separate fees during the redemption period.
Forecast Trend Report by Period
stUSDT, a yield-bearing stablecoin project tied to real-world assets, has halted interest payments and begun winding down its service.
Blockchain Reporter reported on Nov. 15 that stUSDT stopped paying interest on Nov. 14 and will support user redemptions through May 14, 2027.
stUSDT is a project built on the Tron network that invests in real-world assets such as U.S. Treasuries to generate yield for users.
Deposits had already plunged ahead of the shutdown. According to DefiLlama, assets deposited in stUSDT peaked at about $2.3 billion in November 2023, but had fallen to about $8.63 million as of Nov. 15. That marks a decline of roughly 99.6% from the peak.
In particular, deposits dropped 80% in a single day, falling from about $47.55 million on Nov. 13 to about $9.5 million on Nov. 14.
The project said users will be able to redeem their assets without additional fees during the redemption period.
After May 14, 2027, the official redemption page will be closed, and any remaining redemption requests will be handled monthly through customer support procedures.
The specific reason for the shutdown was not disclosed.
Uk Jin
