RWA protocol stUSDT winds down after $2.3B TVL peak

The closure of a protocol that once ranked among the larger RWA vehicles is a notable signal for a sector still trying to prove durable demand beyond headline TVL. The absence of a stated reason leaves the market to infer whether this reflects structural limits in the stUSDT model or broader pressures on RWA yields and liquidity. Holders are assured of full backing, so the immediate question is orderly redemption rather than solvency. What's worth watching is whether other RWA protocols face similar exits, and whether unexplained wind-downs become a pattern that shapes how the sector is assessed.