Strata

Neutrl

2026-09-18 17:26:22

Neutrl Opens NUSD Redemptions at $0.51 as Strata’s Junior Tranche Heads for Zero

Neutrl has started a redemption program that values NUSD at $0.51 in USDC, giving holders a way out at a 49% discount to the token’s $1 reference value. The rate is visible on Ethereum through the protocol’s redemption contract, where the `redemptionRate()` function returns 510000000000000000, or 0.51 with 18 decimals. Neutrl said both NUSD and sNUSD holders can submit requests, receive USDC, and have the corresponding tokens burned, though its public notice did not spell out the conversion used for sNUSD. The same valuation is set to wipe out the first-loss layer in Strata’s Neutrl market. Strata has scheduled an update that would mark jrNUSD down to zero and set the srNUSD/NUSD accounting value at 1.23971, with withdrawals settling in sNUSD rather than USDC. OAK Research also flagged a legal issue, saying users who accept the redemption program may be waiving recourse against Neutrl across all of their tokens, even if they redeem only part of their holdings. During The Defiant’s reporting, the redemption portal was region-blocked, preventing an independent review of the exact clause.

440

Neutrl

2026-09-18 06:00:00

Neutrl reopens redemptions after five weeks, sets NUSD payout at 0.51 USDC

Neutrl has reopened its redemption portal for NUSD and sNUSD after a five-week suspension, but holders can now redeem at a fixed rate of 0.51 USDC per token rather than at par. On-chain contract data shows the protocol’s redemptionRate parameter at 510000000000000000, which converts to 0.51 with 18 decimals, and the window is expected to remain open until Nov. 14. The move follows Neutrl’s Aug. 13 halt of minting and redemptions, when it said only that reserves had been affected while denying any hack or code exploit. Later, on Aug. 28, the protocol said it had about $27 million in immediately available liquid assets, while NUSD’s external circulating market value had fallen to roughly $53.5 million at the time withdrawals were frozen. The gap between those figures has fueled questions over whether the new payout rate reflects a liquidation analysis or simply a pro rata distribution of cash on hand. The fallout has also spread to structured yield protocol Strata, which marked jrNUSD to zero after observing the 0.51 reference rate and pushed losses into senior holders through its rule set. Questions around undisclosed counterparties, illiquid OTC positions, and the legal effect of signing Neutrl’s redemption terms remain unresolved.

560

Neutrl

2026-08-14 06:17:38

Neutrl halts NUSD minting and redemptions as reserve concerns spread to Strata market

DeFi protocol Neutrl said Thursday that it has paused minting, redemptions, and other protocol functions for its synthetic dollar NUSD after unspecified circumstances affected protocol reserves. The move, which Neutrl said was taken following advice from legal counsel, leaves several key questions unanswered, including which assets or counterparties were affected, whether any realized losses have occurred, and when operations might resume. Strata, a structured yield protocol tied in part to Neutrl markets, later suspended minting, redemptions, and related functions for contracts connected to its Neutrl market while keeping its other markets open. On-chain data from RWA.xyz showed roughly $53.6 million in NUSD market value as of Friday, down 18.4% over the past 30 days, while monthly transfer volume fell 72.4% to about $71.4 million. Earlier disclosures had painted a healthier picture: Accountable said on May 25 that its Neutrl dashboard showed cryptographic proof matching reserves to liabilities, and BA Labs said in a February risk review that NUSD had an estimated 103.6% collateralization ratio, though it also classified the integration as higher risk because of counterparty, operational, and liquidity exposure.

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