stUSDT winds down after $2.3B TVL peak
The Tron-launched RWA protocol stUSDT is winding down, with its TVL dropping 99.63% from a November 2023 peak of $2.3 billion to $8.6 million. Holders have until May 14, 2027, to redeem tokens.
stUSDT’s TVL stood at roughly $8.6 million on the day the wind-down details surfaced — against an all-time high of $2.301 billion recorded on November 22, 2023. That’s a 99.63% contraction: ($2.301 billion – $8.6 million) ÷ $2.301 billion × 100. Cointelegraph reported the shutdown terms, including the redemption timetable.
Interest accrual ended Saturday, November 14, according to Startup Fortune. Holders of stUSDT and wstUSDT can submit redemptions through the protocol’s official portal until May 14, 2027. Anything filed after that date goes to customer support and gets batched monthly through August 2027.
A year before the shutdown, stUSDT still held about $60 million, per Startup Fortune — meaning the $8.6 million figure is roughly 85.7% below even that diminished level: ($60 million – $8.6 million) ÷ $60 million × 100. DefiLlama now ranks the protocol 18th in its RWA category, which tracks about $4.1 billion across 176 protocols.
Redemptions pay out in USDT with no fee beyond network transaction costs. The catch is custody. Tokens sitting on exchanges, in JustLend, or in Curve pools must be transferred to a personal wallet before the portal will process them. wstUSDT also needs to be unwrapped. JustLend DAO is phasing out supply and borrowing functions for its wstUSDT market, so users who supplied or borrowed against the wrapped token face a protocol-level change on top of the standard unwrapping step. The disclosed facts don’t specify the exact unwrapping process or the reason stUSDT is shutting down.
The launch-to-implosion arc is fast even by crypto standards. It hit $2.301 billion TVL by November 22, 2023, less than four months in. Interest accrual stopped on November 14, 2026, by which point the position base had already shed nearly everything it once held.
One name worth flagging: stUSDT is not affiliated with Tether, the stablecoin issuer. Tether denied any connection to the protocol in September 2023, so that confusion had a formal answer before the wind-down ever started.
For context, Altura shut its stablecoin vaults in 2026, with about $8.5 million in USDT redemptions following a depeg scare at MainStreet — a separate protocol with a different trigger. The comparison is in the same source material; stUSDT’s disclosed facts cover the shutdown mechanics but offer no stated reason for the decision.
Holders using secondary venues have an extra step before they can touch the portal. The deadline is May 14, 2027.
Marcus Feld
Marcus Feld is CoinScoop's DeFi and on-chain analyst. He digs into L2 activity, stablecoin flows and protocol revenue, translating raw chain data into plain-English calls.