Strata(@strata_markets):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.

2026.10.12 17:46

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.