RWA protocol stUSDT initiates exit, opens redemptions until May next year.

RWA protocol stUSDT has begun an orderly wind-down, halting reward accrual and opening redemptions for holders of stUSDT and wstUSDT through May 14, 2027, with late requests handled manually on a monthly basis until August 2027. The team said the underlying assets remain fully backed but did not disclose a reason for the exit. Launched on Tron in July 2023, the protocol let users deposit USDT to earn real-world asset yield before expanding to Ethereum. DefiLlama data shows its total value locked peaked at roughly $2.3 billion in November 2023 and has since fallen to about $8.6 million. The retreat marks a notable contraction for one of the larger RWA-themed vehicles, and the focus now is on redemption uptake and whether remaining collateral is returned in full.