srUSDe

Strata Senior USDe Mint & Redemption

Strata Senior USDe (srUSDe) is a yield-bearing, over-collateralized synthetic dollar fully backed by USDe with additional coverage provided by the junior tranche - offering principal-protected yield with downside floored at the benchmark rate and uncapped upside to sUSDe APY.

Mint

Users can mint srUSDe by depositing USDe. The amount of srUSDe received is determined by the real-time srUSDe/USDe exchange rate minus any applicable minting fees.

At the current stage of protocol implementation:

• USDe and sUSDe can be used to mint srUSDe through the Strata UI.

• Minting fees are currently waived.

• srUSDe can also be acquired on secondary markets using any asset on DEXs.

Redeem

When srUSDe is redeemed, the user receives USDe based on the srUSDe/USDe exchange rate, minus any applicable redemption fees.

At the current stage of protocol implementation:

• srUSDe can be redeemed for USDe and sUSDe through the Strata UI.

• 2.5 bps redemption fee, but it is currently waived.

• sUSDe redemptions are processed instantly, while USDe redemptions follow a 7 day cooldown period, consistent with Ethena’s sUSDe unbonding period. USDe can be claimed after 7 days in "View History" under Portfolio section.

• srUSDe can also be traded for other assets on DEXs.

The srUSDe Dashboard on the Strata app displays the current srUSDe/USDe exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srUSDe’s performance at any moment.