jrUSDe, issued by Frontera Labs, Inc., is the junior tranche token of Strata's Ethena USDe market, providing leveraged residual yield exposure to a staked synthetic-dollar strategy while acting as the first-loss insurance pool for the senior tranche [S1][S2][S3].

The token represents an ERC-4626 vault share backed by pooled Ethena USDe (USDe) collateral staked as sUSDe, the market's yield source [S4][S3]. A Dynamic Yield Split allocates a market-determined risk premium plus residual yield to junior holders based on the underlying APY, the Aave v3 Core benchmark rate, and the senior-junior liquidity ratio; junior APY can turn negative if underlying yield falls below the benchmark [S1][S2][S3]. Strata charges a 5% performance fee on yield generated, plus a 10 bps (0.10%) redemption fee [S3].

Frontera Labs, Inc., a corporation incorporated in Delaware, U.S.A., operates the interface and states that nothing provided constitutes a regulated financial service, including custody, dealing, or portfolio management [S5]. The tokens are positioned as technical and functional components of a decentralized system rather than investment products [S5]. Access is permissionless but sanctions-based and geo-restricted, excluding the United States and sanctioned jurisdictions such as Iran, North Korea, Cuba, Syria, Russia, and Belarus [S5]. Holders mint or redeem through the Strata interface without lockup; protection is structural through over-collateralization and coverage-ratio thresholds rather than legal segregation [S1][S2][S6].

Tranche tokens are implemented as ERC-4626 vault shares on supported public networks under a chain-agnostic architecture [S1][S4][S7]. Deposits mint shares proportional to current total value locked and stake collateral via the Strategy contract [S4]. Redemptions into staked sUSDe settle instantly, while unstaked USDe follows a 7 to 10 day cooldown; junior redemptions can extend up to roughly five weeks during low coverage [S1][S6].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.strata.markets/resources/faqs.md" },
    { id: "S2", url: "https://docs.strata.markets/introduction/senior-tranche.md" },
    { id: "S3", url: "https://docs.strata.markets/markets/ethena-usde.md" },
    { id: "S4", url: "https://docs.strata.markets/technical-documentation/protocol-overview.md" },
    { id: "S5", url: "https://docs.strata.markets/resources/terms-of-service.md" },
    { id: "S6", url: "https://docs.strata.markets/technical-documentation/security.md" },
    { id: "S7", url: "https://docs.strata.markets/introduction/welcome-to-strata.md" },
  ]}
/>


Tokenized funds

The protocol earns fees from deposits and withdrawals across its senior and junior tranches, which split yield from underlying strategies into risk-adjusted products.

Strata is a risk-tranching protocol on Ethereum that tokenizes yield strategies into senior and junior tranches. Senior tranches provide over-collateralized yield with downside protection, while junior tranches offer leveraged upside and serve as insurance for the senior tranche.

Strata was launched in October 2025 and is governed by a multisig structure with a 48-hour timelock.

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Real-world asset (RWA) issuers

Strata

Strata Junior USDe (jrUSDe) is a tokenized fund share issued by Strata.

The fund is open-ended and invests in crypto assets.

Retail investors can mint and redeem directly with Strata in USDe and sUSDe, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

jrUSDe has been issued on Ethereum as an ERC-4626 token since October 2025.

Strata Junior USDejrUSDe

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