---
title: "Strata Senior USDe (srUSDe) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/srusde-strata/"
description: "Build-time stablecoin profile for Strata Senior USDe (srUSDe). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-09-07"
---



# Strata Senior USDe (srUSDe)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

srUSDe is Strata's senior ERC-4626 tranche over a strategy that stakes USDe into Ethena's yield stack, with jrUSDe taking first-loss before senior holders are touched. The tranche structure gives senior capital a subordination buffer and a benchmark-rate yield floor. The discipline argument aged badly in July 2026, when Lido's EarnUSD vault began allocating to PT-srUSDe, the fixed-rate claim on this very tranche, looped on Aave with leverage extended through Twyne. The naked leveraged loop that tranching was supposed to replace has simply been rebuilt one layer up, with the senior tranche as its collateral. It is still not a plain dollar: exits depend on Strata tranche liquidity and settlement rules rather than 1:1 issuer redemption, which is why exit is the weakest of the three pillars and the main drag on the N/A overall grade despite a respectable backing score. The senior wrapper still inherits Ethena's liquid-stablecoin, BTC, ETH/LST, CEX-hedge, and custody assumptions; the junior tranche absorbs the first loss, and a junior-exhausting event can still impair senior principal.

## 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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x3d7d6fdf07ee548b939a80edbc9b2256d0cdc003` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/srusde-strata.