Over $4.75T in receivables get financed every year. @strata_markets tranches nOPAL into senior and junior slices, so lenders can pick their risk on @blackopal_fi's FX-hedged card receivables. Real-world credit, built for Open Finance.

Recent tail-risk events across the crypto industry over the past year have reinforced the need for better risk segmentation in managed strategies, curated vaults, and yield-bearing stablecoins. Tranching separates risk and yield into two distinct layers: capital that takes the risk is paid more for it, and capital that does not is protected from it. Junior holders earn amplified yield in exchange for absorbing losses first. Senior holders benefit from automatic protection, backed by junior coverage, with no claims to file or manual intervention required. Same underlying asset. Two distinct points on the risk-reward curve. If you’re a curator, vault infrastructure provider, yield-bearing stablecoin issuer, or credit protocol looking to integrate tranching and distribute your strategies to a diverse investor base, let’s talk.

Strata does not use Railway or PHP anywhere in the stack. The Railway security incident and the PHP remote code execution vulnerabilities disclosed on October 21 do not affect Strata’s infrastructure. All markets are operating normally and no action is required from the users.

New @strata_markets srUSDe and jrUSDe markets (Feb 2027 maturity) are already live on Pendle 🔥 Right in time for the upcoming 22 Oct 2026 maturities, so be sure to rollover to keep your yield streak going

The Senior NUSD (srNUSD) market programmatically settled at $0.6323 per share, versus $0.5426 for direct sNUSD exposure, at Neutrl’s published redemption rate of 0.51 NUSD/USDC. The difference is junior capital. jrNUSD absorbed losses first, as designed for the first-loss tranche. The losses originated in the underlying asset. Strata structured the underlying cash flows into senior and junior tranches, and the mechanism performed as designed. The article below details Neutrl’s disclosures, how losses were allocated by seniority, and the full settlement timeline.

.@Figure originates the credit. @HastraFi makes it composable. Strata structures and distributes it onchain via Senior and Junior tranches. srPRIME provides protected yield from a HELOC-backed lending facility, while jrPRIME captures enhanced yield by taking first-loss risk. Real-world credit, structured onchain for distinct risk-reward mandates.

$PLUME incentives are now live on PT-srnOPAL. Senior nOPAL market on @pendle_fi offers protected yield from financing short duration Brazilian credit card receivables with additional incentives from @plumenetwork and Strata. Real-world yield, structured for on-chain capital.

Meet Alice and Bob. They hold the same strategy in the same vault. They do not hold the same risk. Alice runs a treasury. Alice's mandate asks who loses first before it asks what she earns. Alice holds the senior tranche. Bob's capital sits ahead of hers in the loss queue. Alice is protected up to junior coverage. That limit is a number. Alice can read it onchain before she deposits and every block after. Alice gives up part of the yield for her place in line. Bob wants more of the strategy, not less. Bob could build that with a loop: a borrow, a health factor, a liquidation price to watch. Bob holds the junior tranche instead. Bob's leverage comes from the capital structure, not from a loan. A wick does not close Bob's position. A real loss in the strategy lands on Bob first. Bob can be written down to zero. Bob is paid for that risk. Bob collects the levered yield senior holders like Alice gave up, on top of his own. One yield source. Two distinct risk-reward mandates. Every Alice needs a Bob. Strata is where they meet.

Enhanced leverage on Senior USDe collateral is now live across three debt markets. PT-srUSDe can now be levered through @twynexyz against USDC and USDT on @aave, alongside USDe. The collateral is a fixed-rate claim on the Senior tranche of USDe, with jrUSDe absorbing losses first. Tranche it. Fix it. Loop it.

Neutrl Market Update: NUSD Reference Value and Withdrawals Following Neutrl's pause of NUSD and sNUSD, the Strata Neutrl Market was paused under the protocol's Risk Management Framework, pending a reference value for NUSD. @Neutrl has since deployed a Redemption Program. Its redemption contract (0xB3f07D3392102fC23264a78e2A1A8B6421123828) exposes redemptionRate() (0x540385a3), an 18-decimal ratio applied to NUSD balances on redemption, currently 510000000000000000, i.e. NUSD/USD = 0.51. This is the only observable reference value at which NUSD is presently exchangeable, and is therefore adopted as the Market's input. The rate, eligibility and availability are set by the program's operator, Caverna Auctus Inc., and may be modified at any time. Neutrl states the program is expected to remain open until 14 November 2026, subject to its terms. Strata has no role in or control over the program. Reference value update An update setting the NUSD/USD input used by the Neutrl Market contracts to 0.51 has been scheduled through the protocol's timelock and takes effect once the 48 hour delay elapses. It is visible onchain and can be verified before execution. Scheduled at tx: 0x805652003253835e77ba29618bbd6754c5eabb0fc607042549ffe9b024f653e4 Tranche allocation At NUSD/USD = 0.51, the loss exceeds junior subordination. jrNUSD is written down to zero and the residual is absorbed by srNUSD. The NeutrlStrategy contract (0x3CeF2c09c4fAD37E9bdD86CD9810c3042fB5DE88) holds 1,569,767.937465 sNUSD against 1,347,230.397196 srNUSD outstanding. Based on the contract calculations, this balance is allocated in full to srNUSD. No sNUSD is allocated to jrNUSD. Following execution, srNUSD/NUSD is 1.23971. Withdrawals Withdrawals become available once the scheduled transaction executes, settling in sNUSD at the updated share values. Deposits remain disabled. Withdrawals are initiated by holders from their own wallets; no party can move or redeem funds on a holder's behalf. Security Only use official Strata and Neutrl URLs. Strata contributors will never DM you or ask you to sign messages. Contracts • srNUSD: 0x65a44528e8868166401eA08b549E19552af589dB • jrNUSD: 0xFC807058A352b61aEef6A38e2D0fC3990225E772 No other Strata market is exposed to NUSD. Disclaimer: Informational and technical purposes only. Data attributed to Neutrl is as published by Neutrl and may change. Values are produced by the contracts from their inputs and may differ from any amount realizable by a holder. Nothing here is financial, investment, legal or tax advice, or a recommendation to withdraw, redeem, buy, sell or hold any token. Any use of Neutrl's Redemption Program is solely between each holder and Neutrl, subject to Neutrl's terms.

Senior nOPAL is now live on @pendle_fi with an extended maturity of 7 January 2027. Existing users of the maturing nOPAL Pendle market can migrate to srnOPAL and continue earning double-digit APYs, along with Strata and Plume rewards. Senior nOPAL (srnOPAL) provides low risk exposure to nOPAL, with first-loss protection from junior risk capital.

The new srUSDat market on @pendle_fi on Ethereum is live with extended maturity and enhanced rewards. PT: 9.22% fixed APY YT: 8.18% underlying APY + Strata & Saturn Points LP: 14.04% APY + Strata & Saturn Points Digital Money. Upgraded.

srUSDe is the protected exposure to Ethena yields, with multiple ways to maximize APY via @pendle_fi. Loop PT-srUSDe on @aave for up to 20% APY. srUSDe market has the deepest liquidity on pendle for USDe looping. Delegated credit via @twynexyz extends that to up to 42% APY. Fixed rate on top. First-loss capital underneath.

Excited to be a launch partner for @tydrohq v2 on @inkonchain. The largest credit markets are structured around risk and return, with every allocator knowing their position in the capital stack. Tydro v2 brings this approach to onchain lending with Strata’s risk-tranching infrastructure, letting capital choose its position on the risk-reward curve. Senior buys protection. Junior sells it and earns the premium.