stUSDe

Strata USDe (stUSDe) is a yield-bearing synthetic dollar fully backed by USDe collateral, offering principal-protected, low-risk, and predictable returns with uncapped yield potential, while ensuring seamless DeFi integration across multiple chains.

stUSDe always earns a share of sUSDe yield, with a floor equal to the minimum guaranteed APY decided by the governance, providing downside protection. In extreme scenarios (e.g., stJLP TVL ≈ 0 or sUSDe APY < sUSDS APY), the yield defaults to that of sUSDe.

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Key features of stUSDe

• Primary minting and redemption, allowing users to seamlessly mint or redeem stUSDe against liquid USDe collateral;

• Overcollateralization and risk protection, with stUSDe fully backed by sUSDe collateral alongside an additional insurance layer provided by the junior tranche (stJLP) covering the full spectrum of risks involved with sUSDe yield;

• Risk-averse design, providing a guaranteed yield backed by Ethena’s yield mechanisms, mirroring Savings USDS’s stability, and minimising sUSDe yield volatility to offer investors a reliable income stream while preserving the potential upside of sUSDe yield;

• ERC-4626 tokenized vault, ensuring full composability with DeFi protocols on the Converge Network and other blockchains.

• Omnichain interoperability powered by LayerZero’s OFT standard, allowing assets to be minted across multiple chains while preserving liquidity and stability on the Converge Network.

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