Senior USDe

Strata Senior USDe (srUSDe)

Senior USDe (srUSDe) is an over-collateralized, yield-bearing synthetic dollar backed by USDe and represents the senior risk tranche in Strata’s structure. It offers superior risk-adjusted yield by providing principal-protection and guaranteed minimum yield tied to the benchmark rate and uncapped upside exposure to sUSDe APY.

The current benchmark rate is supply-weighted average of USDC and USDT lending rates on Aave v3 Core market. These lending rates function as DeFi’s base reference rate and effectively represent the ecosystem’s on-chain risk-free rate. Stablecoin lending rates on Aave reflect a market-driven, transparent, and investable interest rate, directly derived from organic on-chain demand for leverage while sUSDe yields primarily reflect leverage demand within CeFi markets. This makes Aave’s rate a purer measure of on-chain capital cost and a more neutral benchmark for Strata Senior USDe (srUSDe).

srUSDe/USDe exchange rate (NAV) always remains above 1 and continues to risk over time as yield accrues. It always earns a share of the yield generated by the protocol on the pooled USDe collateral by staking USDe. Its yield has a floor equivalent to the benchmark rate and uncapped upside exposure to sUSDe APY. In extreme scenarios (jrUSDe TVL ~ 0, sUSDe APY < benchmark rate), srUSDe will simply earn the same APY as sUSDe.

srUSDe is an over-collateralized synthetic dollar offering the best-in-class risk-adjusted yields with similar risk profile as lending USDe/stablecoins on Aave, superior risk profile than Sky Savings, and historically delivering significantly higher yields than both.

srUSDe is ideal for users with a conservative risk profile, including institutions, DAOs, and TradFi retail savers seeking stable, higher-quality yields with minimized risk.

Key features of srUSDe

• Instant minting and redemption: Users can seamlessly mint or redeem srUSDe with/for USDe or sUSDe without any lockup, or trade it on secondary markets using any asset on DEXs.

• In-built insurance and over-collateralization: srUSDe is fully backed by staked USDe collateral, with additional coverage provided by the junior tranche (jrUSDe), ensuring capital preservation and risk-minimized yield.

• Stable and predictable yield: srUSDe provides a guaranteed minimum yield at the benchmark rate with uncapped upside exposure to sUSDe APY, offering investors a reliable and stable yield on USDe.

• Composable and efficient: Built on the ERC-4626 tokenized vault standard, srUSDe is a fully permissionless and transferable token designed for seamless integration across DeFi and CeFi, delivering capital efficiency, flexibility, and broad accessibility.

• Omni-chain liquidity: srUSDe is built on LayerZero’s OFT standard, enabling assets to be minted across multiple chains and allows seamless cross-chain transfers, ensuring unified and efficient liquidity.