WSTUSDT, issued by the stUSDT-RWA Protocol smart contracts under the governance of RWA DAO tokenholders, is a tokenized real-world-asset fund interest representing a non-rebasing wrapped claim on staked U.S. dollar (USD) stablecoins deployed into short-term government bonds [S1][S2].

WSTUSDT is minted by depositing stUSDT into a Wrapper smart contract and does not rebase; instead the wstUSDT:stUSDT conversion ratio updates as the wrapped stUSDT balance accrues, so value-per-token drifts upward and holders retain proportional economic exposure [S2]. The underlying pool stakes USDT or TUSD into short-term government bonds, passing T-bill-type returns to holders [S2]. Staking carries no fee, while unstaking bears a proportional redemption fee [S2].

No corporate legal issuer is named; the product is governed by an onchain decentralized organization, the RWA DAO, rather than a single corporate entity [S2]. stUSDT is characterized as a receipt or voucher token (“凭证代币”) representing a yield-bearing claim on staked stablecoins, with no formal legal characterization provided [S2]. The service is unavailable to U.S. persons, who must attest they are neither U.S. residents nor accessing from within the U.S., and access is further gated by region [S2]. Holders may unstake to USDT at a 1:1 ratio within a 0-3 day settlement window; the pool retains a 10,000,000 USD non-yielding emergency reserve [S2].

stUSDT is issued natively on TRON (TRC-20) and Ethereum (ERC-20), with wallet connectors also supporting Binance (BNB) [S2][S3]. Minting deposits a supported stablecoin into the stUSDT-RWA contract; redemption returns USDT 1:1 within 0-3 days [S2]. Chainlink and WinkLink serve as primary oracles on TRON to monitor USDT price stability [S2].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://stusdt.io/" },
    { id: "S2", url: "https://stusdt.io/static/js/main.3375b3d3.js" },
    { id: "S3", url: "https://stusdt.io/asset-manifest.json" },
  ]}
/>


# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

Tokenized funds

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Stablecoin issuers

Staked USDT (stUSDT)

Wrapped Staked USDT (WSTUSDT) is a tokenized fund share issued by Staked USDT (stUSDT).

The fund is open-ended and invests in government debt.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Staked USDT (stUSDT) in stUSDT and USDT, and holders have a right to redeem at net asset value.

WSTUSDT has been issued on public blockchains since July 2023 and is native to Tron and Ethereum.

Wrapped Staked USDTWSTUSDT