> ## Documentation Index
> Fetch the complete documentation index at: https://docs.tori.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# strUSD

> Synthetic dollar designed to accrue rewards

<img src="https://mintcdn.com/tori-a4f37b86/3H8dnTWjceeNc9vd/logo/strusd.svg?fit=max&auto=format&n=3H8dnTWjceeNc9vd&q=85&s=eea2c32da73c1b108f46e9f5de3f0ed3" alt="strUSD" width="80" height="80" data-path="logo/strusd.svg" />

<Note>
  Rewards are variable and depend on market conditions. Past performance does not guarantee future results. See [Risk Disclosures](/resources/risks).
</Note>

## 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:**

| Feature | Value |
| - | - |
| Ticker | strUSD |
| Standard | ERC-20 (ERC-4626 vault) |
| Primary network | Ethereum Mainnet |
| Multi-chain | Chainlink CCIP, with Ethereum as the hub |
| Staking | Instant |
| Unstaking | 7-day cooldown |
| Rewards | Accrue automatically via the exchange rate |

## How strUSD works

### 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

<Accordion title="Example: the exchange rate over six months">
  **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.*
</Accordion>

**Why an exchange rate?** No claiming transactions, no gas spent collecting rewards, and compounding happens by itself.

<Info>
  **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.
</Info>

### Staking

<Steps>
  <Step title="Have trUSD">
    First, you need trUSD in your wallet. [Get trUSD →](/products/trusd)
  </Step>

  <Step title="Go to Stake">
    Open [app.tori.finance](https://app.tori.finance) and select the **Stake** tab.
  </Step>

  <Step title="Enter amount">
    Enter how much trUSD you want to stake. There's no minimum.
  </Step>

  <Step title="Confirm transaction">
    Review and confirm the transaction in your wallet.
  </Step>

  <Step title="Receive strUSD">
    strUSD tokens appear in your wallet and begin accruing rewards based on current market conditions.
  </Step>
</Steps>

### Unstaking

When you're ready to exit your position:

<Steps>
  <Step title="Go to Unstake">
    Open the **Unstake** tab in the app.
  </Step>

  <Step title="Enter amount">
    Enter how much strUSD you want to unstake.
  </Step>

  <Step title="Initiate cooldown">
    Confirm the transaction to begin the 7-day cooldown.
  </Step>

  <Step title="Wait">
    Your request is pending during the cooldown period.
  </Step>

  <Step title="Claim">
    After 7 days, return to the app and claim your trUSD.
  </Step>
</Steps>

<Note>
  **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.
</Note>

## Fees and protocol revenue

Nothing is charged on the tokens you stake, and staking and unstaking are free.

The backing positions generate carry. The protocol keeps a share of that gross carry as protocol revenue, which funds operations and the [reserve fund](/solution/reserve-fund), and pays rewards to strUSD out of the remainder.

| Not charged | How rewards reach you |
| - | - |
| Staked token amount | Rewards are distributed net, through the exchange rate |
| Staking transaction | The published reward rate is the net rate |
| Unstaking transaction | There is nothing to pay separately |

<Info>
  Your strUSD value and the published rate are always net. The share the protocol keeps is taken before distribution, never from your balance.
</Info>

## 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](/strategy/overview).

## 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](/resources/integrations) for current venues.

## 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](/security/overview). Backing assets sit in audited contracts on-chain and with independent custodians off-chain, as described in [Backing and reserves](/solution/backing). Privileged contract roles, multisigs, and the 24-hour timelock are documented address-by-address in [Roles and timelocks](/security/roles).

## Risk considerations

Like all DeFi products, strUSD involves risk:

| Risk | What it means | Mitigation |
| - | - | - |
| Strategy | Rewards vary with market conditions | Several strategies with low correlation run in parallel |
| Smart contract | Code may have vulnerabilities | Two independent audits, live monitoring, a bug bounty |
| Market | Extreme conditions affect performance | Risk limits and stop-losses |
| Timing | Positions can take time to converge | No forced exits; positions get time to close |
| Liquidity | Unstaking takes 7 days | The cooldown protects remaining holders during redemptions |

Past performance does not guarantee future results. The full picture is in [Risk Disclosures](/resources/risks).

## Technical details

For developers and integrators:

| Property | Value |
| - | - |
| Contract standard | ERC-20 (ERC-4626 vault) |
| Decimals | 18 |
| Primary network | Ethereum Mainnet |
| Multi-chain | Chainlink CCIP, with Ethereum as the hub |
| Upgradeable | Yes (via proxy) |

### 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](/resources/contracts).

## Next steps

<CardGroup cols={2}>
  <Card title="Get started" icon="rocket" href="/quickstart">
    Stake your first trUSD
  </Card>

  <Card title="Get trUSD" icon="https://mintcdn.com/tori-a4f37b86/3H8dnTWjceeNc9vd/logo/trusd.svg?fit=max&auto=format&n=3H8dnTWjceeNc9vd&q=85&s=3c72b11855ed4df895cb78d07080fd17" href="/products/trusd" width="1024" height="1024" data-path="logo/trusd.svg">
    The base token comes first
  </Card>

  <Card title="Strategy" icon="brain" href="/strategy/overview">
    Where the rewards come from
  </Card>

  <Card title="Risk disclosures" icon="triangle-exclamation" href="/resources/risks">
    Read these before staking
  </Card>
</CardGroup>


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