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strUSD
Rewards are variable and depend on market conditions. Past performance does not guarantee future results. See Risk Disclosures.

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What is strUSD?

strUSD is the staked form of trUSD. It implements the ERC-4626 tokenized vault standard: staking trUSD gives you vault shares, and each share is worth more trUSD as the protocol’s trading strategies generate rewards. Think of strUSD as a “receipt” for your staked trUSD that grows in value as rewards come in. Key characteristics:

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How strUSD works

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The exchange rate

strUSD does not distribute rewards periodically. One number, the exchange rate, carries all accrued value:
  1. When you stake, the current rate determines how much strUSD you receive for your trUSD
  2. As rewards are generated, the rate rises
  3. When you unstake, you receive trUSD at the current rate
Day 1:
  • Exchange rate: 1 strUSD = 1.00 trUSD
  • You stake 10,000 trUSD and receive 10,000 strUSD
After 6 months:
  • The exchange rate has risen to 1 strUSD = 1.05 trUSD
  • Your 10,000 strUSD is now worth 10,500 trUSD: about 5% over the period, roughly 10% annualized
When you unstake:
  • You request to unstake your 10,000 strUSD
  • After the 7-day cooldown you receive 10,500 trUSD
  • The extra 500 trUSD is your accrued reward
Hypothetical example. Actual rewards vary with market conditions.
Why an exchange rate? No claiming transactions, no gas spent collecting rewards, and compounding happens by itself.
How the rate is determined: the rate is computed on-chain as exchangeRate = totalAssets / totalShares. No person or committee edits the rate directly; the ERC-4626 vault contract computes it from the vault’s net asset value, which reflects any rewards contributed by the protocol.

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Staking

1

Have trUSD

First, you need trUSD in your wallet. Get trUSD →
2

Go to Stake

Open app.tori.finance and select the Stake tab.
3

Enter amount

Enter how much trUSD you want to stake. There’s no minimum.
4

Confirm transaction

Review and confirm the transaction in your wallet.
5

Receive strUSD

strUSD tokens appear in your wallet and begin accruing rewards based on current market conditions.

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Unstaking

When you’re ready to exit your position:
1

Go to Unstake

Open the Unstake tab in the app.
2

Enter amount

Enter how much strUSD you want to unstake.
3

Initiate cooldown

Confirm the transaction to begin the 7-day cooldown.
4

Wait

Your request is pending during the cooldown period.
5

Claim

After 7 days, return to the app and claim your trUSD.
Why 7 days? Redemptions are met by unwinding backing positions. The cooldown gives the protocol time to do that at fair prices rather than forcing liquidations that would hurt remaining holders.

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Fees

A 10% performance fee applies to strUSD rewards, and to nothing else. Example: if your position generates 100 trUSD in rewards, 10 trUSD goes to the protocol and 90 trUSD accrues to your strUSD.
The performance fee is already factored into the exchange rate. There is nothing to pay separately; your strUSD value is always net of fees.

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Where rewards come from

Rewards come from market-neutral trading: money markets (typically the biggest slice of capital), futures basis arbitrage, and calendar spreads. Every strategy pairs a long with an offsetting short or holds short-duration instruments, so returns come from pricing relationships rather than market direction. The strategy set can grow over time under the same mandate. The full treatment, with a worked example per strategy, is in the strategy overview.

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DeFi composability

strUSD is a standard ERC-20, so it plugs into the rest of DeFi: as collateral in lending protocols, as liquidity in DEX pools, inside yield aggregators, or simply transferred to any Ethereum address. See DeFi integrations for current venues.

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Custody and security

The contracts behind strUSD are audited by Sherlock and Nethermind and monitored continuously by Hypernative alongside Tori’s own systems; the full stack is laid out in Security. Backing assets sit in audited contracts on-chain and with independent custodians off-chain, as described in Backing and reserves. Privileged contract roles, multisigs, and the 24-hour timelock are documented address-by-address in Roles and timelocks.

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Risk considerations

Like all DeFi products, strUSD involves risk: Past performance does not guarantee future results. The full picture is in Risk Disclosures.

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Technical details

For developers and integrators:

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Multi-chain architecture

strUSD moves across chains natively through Chainlink CCIP under the Cross-Chain Token (CCT) standard, with Ethereum as the hub: the canonical token sits behind a Lock and Release pool on Ethereum, and other chains use Burn and Mint pools, so there are no wrapped tokens. Rewards accrue via the exchange rate no matter which chain your strUSD is on. CCIP secures each transfer with a decentralized oracle network, an independent Risk Management Network (RMN), and per-lane rate limits. The app’s bridge shows the currently supported networks. Contract addresses are in Contracts.

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Next steps

Get started

Stake your first trUSD

Get trUSD

The base token comes first

Strategy

Where the rewards come from

Risk disclosures

Read these before staking