RWA protocol stUSDT winds down after TVL peak of approximately $2.3 billion

RWA protocol stUSDT winds down after TVL peak of approximately $2.3 billion

Photo: David Yu / Pexels

The Tron-based yield token has stopped paying rewards and opened a six-month redemption window, with the team saying assets remain fully backed

stUSDT, a yield-bearing token on the Tron network that once held approximately $2.3 billion in deposits, is shutting down.

The team stopped reward accrual on Saturday, November 14, 2026, and opened a redemption window for holders. It did not say why the protocol is closing. It did say that every token is still fully backed.

What stUSDT is shutting down, and how fast

stUSDT launched in 2023. Users deposited USDT and received a receipt token tied to yield from tokenized short-term government bonds and other real-world assets, the category the industry calls RWAs.

The token used a rebase mechanism. Think of a savings account where the interest shows up as extra coins in your wallet rather than a higher price per coin. Your balance simply grew on its own.

A non-rebasing wrapped version, wstUSDT, also launched in 2023. Instead of adding tokens to your balance, it kept the count fixed. That design tends to play more nicely with lending markets and...