Profile
srUSDe profile facts
Strata Senior USDe (srUSDe) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDe-denominated NAV.
Variant relationship
Strata Senior USDe (srUSDe) is modeled as a risk absorption variant of Ethena USDe (USDe). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.
- Collateral
- Senior tranche (ERC-4626 meta-vault) over Strata's CDO-style risk-tranched strategy that stakes USDe into Ethena sUSDe; the junior tranche (jrUSDe) provides first-loss capital and is paid a dynamic risk premium, giving senior holders principal protection and a benchmark-rate yield floor with uncapped sUSDe upside, while a junior-exhausting insolvency event can still impair senior principal
- Peg mechanism
- srUSDe targets a stable senior NAV backed by USDe strategy collateral and junior-tranche subordination; exits depend on Strata tranche liquidity and settlement rules rather than a simple 1:1 stablecoin redemption
- Jurisdiction
- Not disclosed in the static profile.
- Proof of reserves
- No proof-of-reserves entry in the static profile.
- Contracts
- 1 deployment tracked across Ethereum.
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
srUSDe quick answers
5
What is Strata Senior USDe (srUSDe)?
srUSDe is Strata's senior tranche over a USDe yield strategy; the junior tranche absorbs first-loss while exits depend on tranche liquidity, not 1:1 redemption. The static profile records its USDe-denominated NAV accounting mechanism as: srUSDe targets a stable senior NAV backed by USDe strategy collateral and junior-tranche subordination; exits depend on Strata tranche liquidity and settlement rules rather than a simple 1:1 stablecoin redemption.
Is srUSDe safe?
As of Nov 8, 2026, Pharos grades srUSDe D (47/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and any holder can use its reviewed redemption route. That is a low-band grade, which flags significant structural risk. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs srUSDe?
Pharos records srUSDe's reserves as of Oct 27, 2026 as 100% Strata Senior USDe deployed strategy positions. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.
Can srUSDe be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.
How do you redeem srUSDe?
Under the route Pharos reviewed on Oct 7, 2026, any holder can redeem srUSDe for an unresolved output asset. Requests go through a redemption queue. The reviewed redemption fee is 0.025%. Whether a given holder qualifies is set by the route's own terms, not by this summary.
