> ## Content Index > Fetch the complete content index at: https://stablecoininsider.org/llms.txt > Use this file to discover other available public pages before exploring further. # stUSDT Shuts Down: Rewards End, USDT Redemptions Open Until 14 May 2027 - URL: https://stablecoininsider.org/stusdt-shutdown/ - Published: 2026-11-15T13:19:24.000Z - Updated: 2026-11-15T13:19:24.000Z - Description: stUSDT, the TRON-based RWA yield token, ended rewards on 14 Nov 2026 and opened USDT redemptions until 14 May 2027. DefiLlama shows TVL fell 80% to $9.5M between daily readings, 99.6% below its 2023 peak. Steps, dates and risks. - Author: Milos Djukanovic - Tags: News, Stablecoins, USDT, RWA, stablecoin yield stUSDT, a TRON-based token that paid holders a USDT yield from real-world assets, is shutting down. On 14 November 2026 the project said stUSDT and its wrapped version, wstUSDT, "will be discontinued", ended rebase rewards the same day and opened a redemption window that runs until 14 May 2027 ([stUSDT on X](https://x.com/stusdtio/status/2121492427290878271)). The [official redemption guide](https://medium.com/@stusdt/important-notice-stusdt-protocol-orderly-unwinding-and-redemption-guide-87b6485b0a1d) says "all underlying assets remain fully backed" but gives no reason for closing. DefiLlama data show the protocol's total value locked (TVL) fell from $47.5 million to $9.5 million between its 13 and 14 November daily readings, and stood at $8.39 million at 10:38 UTC on 15 November, 99.6% below its November 2023 peak ([DefiLlama](https://defillama.com/protocol/stusdt)). ## Key Takeaways - Rebasing, the mechanism that raised stUSDT balances as yield accrued, ended on 14 November 2026\. stUSDT no longer earns anything. - The self-service portal at stusdt.io closes at 23:59 UTC on 14 May 2027\. Later requests go through customer support in monthly batches until August 2027. - JustLend, TRON's lending market, is disabling new supply and borrowing in its wstUSDT market and will adjust parameters in a second phase. - TVL dropped by $38.0 million, or 80%, between DefiLlama's 13 and 14 November readings. About 99.8% of what remains is on TRON. - stUSDT is not issued by Tether. Tether said in 2023 that it is an independent project. ## What did stUSDT announce on 14 November 2026? stUSDT announced on 14 November 2026 that stUSDT and wstUSDT will be discontinued, with rewards ending that day and redemptions open until 14 May 2027\. The notice went out on X at 06:36 UTC (07:36 CET), alongside a [security reminder](https://x.com/stusdtio/status/2121492438598762615) that the team will never send the first message, ask for a seed phrase or ask users to send funds. The guide calls this the protocol's "sunset phase". It says exchanges, wallets and DeFi protocols "will begin gradually discontinuing support" for both tokens from 14 November. It names no redemption ratio and mentions no fee other than network gas. stUSDT launched on TRON in July 2023 and later added Ethereum, according to [Cointelegraph](https://cointelegraph.com/news/rwa-protocol-stusdt-winds-down-three-years-after-23b-tvl-peak), which said it asked the team for comment and got no reply before publication. DefiLlama's series for the protocol starts on 4 July 2023. ![Timeline of stUSDT from its July 2023 launch and 2023 TVL peak to the May 2027 portal close and August 2027 final batches.](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/11/stusdt-wind-down-timeline-graphic.webp) Graphic: Stablecoin Insider. Source: [stUSDT redemption guide](https://medium.com/@stusdt/important-notice-stusdt-protocol-orderly-unwinding-and-redemption-guide-87b6485b0a1d), [DefiLlama](https://defillama.com/protocol/stusdt) and [Cointelegraph](https://cointelegraph.com/news/rwa-protocol-stusdt-winds-down-three-years-after-23b-tvl-peak), read 15 Nov 2026. ## How do you redeem stUSDT and wstUSDT for USDT? To redeem stUSDT for USDT, holders unstake it on the official portal and then click "Claim". wstUSDT must be unwrapped into stUSDT first. Tokens held on an exchange or in a protocol such as JustLend, SunSwap or Curve have to be moved to a personal wallet before either process starts, per the [guide](https://medium.com/@stusdt/important-notice-stusdt-protocol-orderly-unwinding-and-redemption-guide-87b6485b0a1d). 1. Withdraw stUSDT or wstUSDT from any exchange, pool or lending market to a personal wallet such as TronLink, MetaMask or OKX Wallet. 2. For wstUSDT only: open the Wrap page, choose Unwrap and confirm, which turns it back into stUSDT. 3. Open the Stake page, choose Unstake, select the network, enter the amount and confirm in your wallet. 4. Click "Claim". The guide stresses that USDT is not received until this second step. 5. Keep some TRX (on TRON) or ETH (on Ethereum) in the wallet for gas. ![stUSDT portal home page with an unwinding banner giving a 14 May 2027 deadline and $8,395,668 total staked.](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/11/stusdt-redemption-portal-unwinding-banner-screenshot.webp) Screenshot: [stUSDT portal home page](https://stusdt.io/#/home), captured 15 Nov 2026 at 14:16 CET. The page still displayed an APY of 4.66%, although the guide says rebasing ended on 14 November. The portal's banner matches the guide's deadline. Its "Total Staked" figure of $8,395,668 also matches the USDT balance DefiLlama reported for the protocol at 10:38 UTC. ## What happens to wstUSDT positions on JustLend? wstUSDT positions on JustLend stay open for now, but JustLend is offboarding the market in two phases. Phase I disables new supply and borrowing; existing positions "will remain supported" during the transition. Phase II will adjust market parameters for the final wind-down, with details still to be announced ([JustLend notice](https://support.justlend.org/hc/en-us/articles/64317608116249-Announcement-on-the-Orderly-Offboarding-of-the-wstUSDT-Market)). JustLend asks suppliers to withdraw, borrowers to repay and users of the SBM-wstUSDT market to keep their accounts healthy. The market was small before the notice: stUSDT's own [12 November data post](https://x.com/stusdtio/status/2120706993577161172) put wstUSDT supply on JustLend at $616,890 and borrowing at $175,490. **What to note:** later parameter changes could affect borrowers' health. Anyone using wstUSDT as collateral has more reason to act early than a plain holder does. ## How much money is still in stUSDT? About $8.4 million is still in stUSDT: DefiLlama put TVL at $8,391,384 at 10:38 UTC on 15 November, with $8,372,714 on TRON and $18,670 on Ethereum ([DefiLlama](https://defillama.com/protocol/stusdt)). That is a small fraction of the $2.30 billion it held on 22 November 2023. The table pulls together the figures behind that answer. Each row links to the source it was read from; the percentage changes are our calculations. | Metric | Figure | Date | Source | | ---------------------------- | ------------------------------ | ---------------------- | ---------------------------------------------------------------- | | Peak TVL | $2.30 billion | 22 Nov 2023 | [DefiLlama](https://defillama.com/protocol/stusdt) | | TVL a year ago | $60.3 million | 14 Nov 2025 | [DefiLlama](https://defillama.com/protocol/stusdt) | | TVL before the drop | $47.5 million | 13 Nov 2026, 00:00 UTC | [DefiLlama](https://defillama.com/protocol/stusdt) | | TVL after the drop | $9.5 million (−80%) | 14 Nov 2026, 00:00 UTC | [DefiLlama](https://defillama.com/protocol/stusdt) | | Latest TVL | $8.39 million (−99.6% vs peak) | 15 Nov 2026, 10:38 UTC | [DefiLlama](https://defillama.com/protocol/stusdt) | | Stakers shown on portal | 359,498 | 15 Nov 2026 | [stUSDT portal](https://stusdt.io/#/home) | | wstUSDT supplied on JustLend | $616,890 | 12 Nov 2026 | [stUSDT on X](https://x.com/stusdtio/status/2120706993577161172) | Two patterns stand out. First, most of the decline is old: TVL was already about $60 million a year ago, after falling from its 2023 peak through 2024\. Second, the last leg was abrupt. Between the 13 and 14 November daily readings, $38.0 million left, including almost all of the $1.83 million on Ethereum. ![Line chart of stUSDT TVL rising to about $2.3B in late 2023, falling through 2024 and ending at $8.4M in Nov 2026.](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/11/stusdt-tvl-history-2023-2026-chart.webp) Source: [DefiLlama stUSDT protocol data](https://defillama.com/protocol/stusdt), weekly readings, read 15 Nov 2026 (latest point 10:38 UTC). ![Bar chart of stUSDT TVL near $47.6M from 9 to 13 Nov 2026, then $9.5M on 14 Nov and $8.4M on 15 Nov.](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/11/stusdt-tvl-daily-drop-november-2026-chart.webp) Source: [DefiLlama stUSDT protocol data](https://defillama.com/protocol/stusdt), daily readings at 00:00 UTC plus the latest point, read 15 Nov 2026. **What to note:** DefiLlama's daily readings cannot show the hour when the $38 million left, so they do not tell us whether it moved before or after the 06:36 UTC notice. A falling TVL is consistent with holders unstaking, but neither stUSDT nor DefiLlama says who withdrew. ## Why does the stUSDT shutdown matter for yield-bearing stablecoin holders? The stUSDT shutdown matters because it shows how a yield token built on USDT can end: on the issuer's timetable, with a deadline and a manual process. stUSDT was a [rebase token](https://stablecoininsider.org/rebase-tokens/), so the yield appeared as a rising balance rather than a rising price. That mechanism has now stopped. The closing notices leave open questions. There is no stated reason, no redemption ratio and, in the materials we read, no new independent report backing the "fully backed" statement. These are the custody and issuer risks our guide to [stablecoin staking risks](https://stablecoininsider.org/stablecoin-staking-risks-2026/) covers. The name also caused confusion from the start. In September 2023 a Tether spokesperson told CryptoSlate: "stUSDT is an independent project and is not affiliated with Tether" ([CryptoSlate](https://cryptoslate.com/tether-denies-affiliation-with-justin-sun-linked-stusdt-protocol/)). The same report said the stUSDT website had listed HTX, JustLend, MetaMask and TrueUSD among its partners. [How do Yield-Bearing Stablecoins Work: Complete Guide for 2026How rebasing and price-accruing yield tokens work, where the yield comes from and what can go wrong.![](https://stablecoininsider.org/favicon.ico)Stablecoin Insider](https://stablecoininsider.org/yield-bearing-stablecoins-2026-2/) ## Stablecoin Insider's take 💬 **Stablecoin Insider's take:** The most useful signal here is not the 99.6% fall from the peak, which happened mostly in 2024\. It is the $38 million that left between two daily readings this week, and the number left behind. More than $8 million is still unredeemed, and the portal still shows 359,498 stakers, although it does not say whether that counts current or all-time holders. For anyone still holding, the risks are practical: missing the "Claim" step, falling for fake redemption sites, or waiting until the portal closes. Until stUSDT publishes a reason for the shutdown and evidence for its "fully backed" statement, we would treat redeeming early as the cautious choice. [Best RWA protocols 2026, compared](https://stablecoininsider.org/top-rwa-protocols/) Looking for a yield product that is still running? See our [comparison of RWA protocols](https://stablecoininsider.org/top-rwa-protocols/). For the full picture, see our [Stablecoin yield hub](https://stablecoininsider.org/stablecoin-yield-hub/). ## FAQ #### Is stUSDT the same as Tether's USDT? No, stUSDT is not the same as Tether's USDT. stUSDT was a separate token that took USDT deposits and paid a yield, and Tether said in 2023 that it "is an independent project and is not affiliated with Tether" (CryptoSlate). The shutdown does not affect USDT itself. #### Does stUSDT still earn interest? No, stUSDT no longer earns interest. The guide says automatic rebasing ended on 14 November 2026\. The portal's home page still showed a 4.66% APY when we captured it, so treat that figure as out of date. #### What happens if I miss the 14 May 2027 deadline? If you miss the 14 May 2027 deadline, you can still ask customer support to redeem. Those requests will be handled in monthly batches until August 2027, according to the guide. It does not say what happens after August 2027. #### Are there fees to redeem stUSDT? The guide does not list any redemption fee for stUSDT, only network gas paid in TRX or ETH (stUSDT). It also does not state a redemption ratio. Check the amount shown in your wallet before confirming. #### Why is stUSDT shutting down? stUSDT has not said why it is shutting down. Neither its X notice nor its guide gives a reason, and Cointelegraph got no response to its request for comment (Cointelegraph). ## What happens next? Next, watch three things. The first is JustLend's Phase II notice, which will set the parameter changes for the wstUSDT market ([JustLend](https://support.justlend.org/hc/en-us/articles/64317608116249-Announcement-on-the-Orderly-Offboarding-of-the-wstUSDT-Market)). The second is how quickly exchanges, wallets and pools such as SunSwap and Curve drop support, since holders there must withdraw before redeeming ([stUSDT](https://medium.com/@stusdt/important-notice-stusdt-protocol-orderly-unwinding-and-redemption-guide-87b6485b0a1d)). The third is DefiLlama's TVL figure, which shows how much is still unredeemed as the 14 May 2027 deadline nears ([DefiLlama](https://defillama.com/protocol/stusdt)). Any statement from stUSDT on why it closed or how its reserves are held would also matter. Sources: [stUSDT redemption notice on X (14 Nov 2026)](https://x.com/stusdtio/status/2121492427290878271); [stUSDT security reminder on X](https://x.com/stusdtio/status/2121492438598762615); [stUSDT, Orderly Unwinding and Redemption Guide (Medium)](https://medium.com/@stusdt/important-notice-stusdt-protocol-orderly-unwinding-and-redemption-guide-87b6485b0a1d); [stUSDT portal](https://stusdt.io/#/home); [JustLend, Orderly Offboarding of the wstUSDT Market](https://support.justlend.org/hc/en-us/articles/64317608116249-Announcement-on-the-Orderly-Offboarding-of-the-wstUSDT-Market); [stUSDT wstUSDT data post on X (12 Nov 2026)](https://x.com/stusdtio/status/2120706993577161172); [DefiLlama, stUSDT protocol data](https://defillama.com/protocol/stusdt); [Cointelegraph (15 Nov 2026)](https://cointelegraph.com/news/rwa-protocol-stusdt-winds-down-three-years-after-23b-tvl-peak); [CryptoSlate (15 Sep 2023)](https://cryptoslate.com/tether-denies-affiliation-with-justin-sun-linked-stusdt-protocol/). All read on 15 November 2026\. Percentage changes and the $38.0 million outflow are Stablecoin Insider calculations from DefiLlama data. --- This content is provided for informational and educational purposes only and doesn't constitute financial, investment, legal or tax advice. TVL, staker and market figures were read on 15 November 2026 and can change. Only use the official stUSDT portal and support channels named in the project's guide. This isn't a recommendation to buy, sell, hold or redeem stUSDT, wstUSDT or USDT, or to use stUSDT, JustLend, Tether, SunSwap, Curve or any other company or protocol mentioned.