Neutrl Opens NUSD Redemptions at 51 Cents Amid Strata Wipeout

NUSD holders are now able to redeem their tokens at a rate of 51 cents per NUSD, as Neutrl opens its redemption program. This comes after Strata scheduled a 48-hour valuation update that would write jrNUSD to zero and settle withdrawals in sNUSD at revised share values. The 51-cent rate closely tracks the gap Neutrl disclosed after pausing affected smart contracts.

According to CoinGecko, Neutrl's disclosed liquid assets equaled about 50.6% of the listed supply, broadly matching the contract's 0.51 redemption ratio. OAK Research raised a legal concern about the redemption terms, stating that accepting the program requires users to waive recourse against Neutrl across all their tokens.

Strata's srNUSD and jrNUSD tranches are exposed to the sNUSD held by the strategy contract, with the first-loss buffer set to be exhausted. The scheduled update would allocate the entire sNUSD balance to senior holders and none to jrNUSD holders. Withdrawals will open after execution.