Neutrl opens NUSD, sNUSD redemptions at 0.51 rate

On Sept. 17, 2026 at about 15:56 UTC Neutrl opened a redemption portal for NUSD and yield-bearing sNUSD. Completed redemptions will pay out in USDC and the corresponding tokens will be burned. The programme is administered by Caverna Auctus Inc. and is expected to remain open through Nov. 14, 2026.

An on-chain read published by Strata showed the redemption contract at 0xB3f07D3392102fC23264a78e2A1A8B6421123828 returning redemptionRate() = 510000000000000000, or roughly 0.51 per token in the reported units. Strata described that figure as the observable reference under the programme and noted that eligibility, availability and any future changes to the rate are controlled by the operator.

Holders who use the portal must connect the wallet that holds NUSD or sNUSD, sign an on-chain message to prove ownership, review the displayed rate and terms at submission, and then receive USDC while the redeemed tokens are removed from circulation. Neutrl reported the redemption contract was reviewed by an independent security auditor and cautioned that timing, amounts and outcomes are estimates that may change.

Neutrl disclosed about $27 million in available liquid assets on Aug. 28, 2026, following a mid-August pause in protocol activity. The company fixed the redemption rate against those previously disclosed liquid reserves. Earlier on-chain or dashboard readings of a larger prior asset book are not being treated as the live net asset value for this redemption window.

The on-chain rate affects structured products built on Neutrl collateral. In Strata’s senior/junior tranche structure for staked NUSD, a 0.51 input reduces the junior tranche, jrNUSD, to zero and leaves any remaining recoverable value to the senior tranche, srNUSD. That outcome follows the arithmetic of the reference rate and the liquid reserves backing this redemption window.

Neutrl warned that phishing risk is elevated during recovery periods and advised users to verify the official portal URL from Neutrl’s verified accounts before connecting wallets or signing messages. The company advised against using look-alike domains, direct messages or third-party helper links and identified the verified portal as the only authorized channel for redemptions.

The portal will show the live contract reading and the applicable terms at the moment of submission. Neutrl states that recoverability and timing for illiquid strategy positions remain unconfirmed and that later recoveries would not be guaranteed to retroactively increase the redemption rate for holders who redeem during this window.