Neutrl’s Ethereum redemption contract pays 0.51 USDC per NUSD, allowing NUSD and sNUSD holders to seek an exit at a 49% discount to the token’s $1 reference value. The program opened Sept. 17, 2026 and is expected to remain available through Nov. 14, 2026, subject to applicable terms. Users must sign an on-chain message to verify wallet ownership, while redeemed tokens are burned; Neutrl has not publicly specified the conversion applied to sNUSD. OAK Research said accepting the terms waives recourse against Neutrl across all token holdings, although Neutrl’s announcement did not describe the acknowledgment as a liability waiver and the portal was region-blocked during The Defiant’s review. The rate matches the approximate 50.6% coverage represented by Neutrl’s $27 million in liquid assets against CoinGecko’s listed 53.39 million NUSD supply. CoinGecko displayed NUSD near $1 but said the token had not traded in the preceding 24 hours. Strata said the 0.51 valuation exhausts the first-loss jrNUSD tranche in its Neutrl market. Its scheduled update would write jrNUSD to zero and set the srNUSD/NUSD accounting value at 1.23971; withdrawals would settle in sNUSD rather than directly in USDC after execution. Neutrl attributed the freeze to an issue affecting a strategy position and said it was not an exploit, hack or code vulnerability.