stUSDT Project Halts Yield, Opens Redemption Window Through May 2027
Key Facts
The stUSDT project announced it would halt yield distributions and begin winding down its services on November 14, 2026, giving users until May 14, 2027, to redeem assets through its portal. The move ends a product described in its introductory document as a receipt for investments in real-world assets, including short-term government bonds. The day after the wind-down announcement, total value locked in the protocol stood at $8.63 million, according to DefiLlama data. That compares with about $9.49 million on November 14, the day the wind-down began. The official notice did not give a reason for the wind-down and did not confirm that redemptions would be free of additional fees.
Total value locked data show a broad contraction from the project’s previous peak. The figure reached an all-time high of $2.301 billion on November 22, 2023, according to DefiLlama. The $8.63 million recorded on November 15, 2026, was the lowest level up to that date. That means the current figure follows a prolonged period of declining funds held in the protocol, as the wind-down schedule sets an exit deadline for users. The timeline separates the wind-down announcement on November 14 from the total value locked reading on November 15.
The protocol spans the Tron and Ethereum networks, but total value locked is concentrated almost entirely on Tron. The network accounted for 99.8% of the total on November 15, 2026, according to DefiLlama. That concentration makes Tron the location of most of the value shown in the data as the wind-down phase begins. The introductory document describes stUSDT as a receipt for investments in real-world assets and lists short-term government bonds among possible asset classes. The document does not specify that investments were limited to U.S. Treasury securities.
The stUSDT wind-down coincides with separate steps in JustLend’s wstUSDT market, which announced on November 14 that it would phase out the market in two stages. The first stage will disable deposits and borrowing, followed by changes to market parameters. JustLend said existing positions would remain supported and users could continue managing them during the transition. It urged depositors to withdraw and close their positions before the market is fully phased out, and asked borrowers to repay outstanding loans and close their borrowing positions. This means wstUSDT users face position-management steps on the lending platform, a matter separate from redeeming stUSDT through the project’s portal.
Redeeming stUSDT requires users to complete a claim through the portal before it closes on May 14, 2027, according to the project’s notice. Requests remaining after that date will be processed monthly through customer support until August 2027. The schedule gives users a set period to use the portal, then shifts late cases to the support channel. The notice did not say redemptions were fee-free, so the deadline does not confirm their cost. The November 15 total value locked reading remains the latest figure provided for the amount of funds left in the protocol.