Neutrl Opens NUSD Redemptions at 51 Cents as Strata Junior Tranche Faces Wipeout

The 51-cent redemption level and the planned write-down of the junior tranche turn this from a valuation dispute into an actual loss-allocation event: junior capital absorbs the hit first, while senior holders exit in sNUSD at revised share values rather than at par. That structure is the real story — it shows how tranching behaves under stress, and it sets a reference point for how other yield-bearing stablecoin wrappers might treat subordination in a wind-down. The open question is whether the 48-hour valuation update proceeds as scheduled and whether senior redemptions in sNUSD prove any more valuable in practice than the junior claims being zeroed.