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Cardano Preprod testnet. No real-money investment opportunities are currently available.
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Preprod test deployment · preprod-v1Read-only · Cardano Preprod

Tessera

Live on Cardano Preprod

Test tokens with no monetary value. tUSD is a Preprod test token, not a stablecoin. The datums are provisional.

Source: Blockfrost · Last updated —

Loading live Preprod data

Contracts & links

Reserve

Script hash
938b32e0f660…191d7400
Address
addr_test1wz…qq9q5crd
Genesis transaction
f0ebcf81548b…fb4cff59

sTSRA vault

Script hash
b52a0afbc9be…e58454ac
Address
addr_test1wz…tqwujfnm
Genesis transaction
336f51b22f09…70902f55

First-loss

Script hash
ccfb81fa54e3…ab028fbe
Address
addr_test1wr…0st4fq8g
Genesis transaction
Not provided in deployment constants

Queue

Script hash
64021fe6d4fb…c9930860
Address
addr_test1wp…cq0m2ptg
Genesis transaction
ca55e1296c48…3d425bb7
TSRA token unit938b32e0f660…54535241
sTSRA token unitb52a0afbc9be…54535241
tUSD token unite13ff0eeb0dc…74555344
TSRA · Name registration pendingsTSRA · Name registration pending

Tessera

Illustrative

Tessera: a separate reserve and staking system.

TSRA uses a target dollar reference, not a guaranteed price or redemption right. Staking as sTSRA participates in reserve-system yield, not project income; losses are possible. This is a testnet explainer: every figure below is illustrative, separate from the live Preprod data above, and no real money is involved.

TSRA · Tessera

TSRA is the reserve-system token. Its Preprod version has no monetary value; a dollar reference is not evidence of real reserve backing.

sTSRA · Staked Tessera

sTSRA represents flexible staking in the reserve system, not legal ownership of a marketplace project.

Reserve composition

Historical reserve model examples

These illustrative figures are dated Fri, 16 Oct 2026 00:00:00 GMT. Project capital and income are separate from reserve backing. The legacy marketplace sleeve is omitted without reallocating it; these examples are incomplete, not an approved allocation or attestation.

Liquid

Cash + tokenised T-bill money-market funds

64%

Illustrative

Target band 60–70% · within band

Short investment grade

Short-dated investment-grade bonds

6%

Illustrative

Target band 0–10% · within band

Multi-originator credit

Diversified private credit from vetted originators

23%

Illustrative

Target band 20–30% · within band

Overcollateralisation

Illustrative

104.2%

Target 102–105%

Protocol first-loss reserve

Illustrative

2.6%

Target 3% of supply

Illustrative reserve model and limitations

Token mechanics

How TSRA moves

TSRA uses 6 decimals and does not earn yield on its own. Planned flows below are not live on mainnet.

  1. 1

    Mint

    The design issues TSRA against committee-attested reserve value and configured limits. A testnet datum is not proof of real-dollar custody.

  2. 2

    Hold or transfer

    TSRA is a standard Cardano native token. Holding it earns nothing; its purpose is a stable unit of account.

  3. 3

    Redeem

    The testnet queue settles test-token requests under its configured rules. The intended real-world liquid-reserve settlement and legal redemption rights are separate, pending arrangements; project capital is not reserve backing.

Stake TSRA to receive sTSRA; unstake sTSRA to return to TSRA.

Staked Tessera

What sTSRA is, and how it earns

sTSRA is a claim on staked TSRA plus its share of reserve yield. Rates are always a target and variable; stakers also share in losses before TSRA holders.

Flexible

Illustrative

4.5% illustrative target, variable. Unstaking starts a 7-day cooldown (protocol bounds 7–14 days). No yield accrues while cooling down, but the position still shares losses.

Locked

Illustrative

A 30-day position (not a separate token) with a 1.25× yield weight, capped at 1.5×. Only the owner can unlock once the term ends.

  • Illustrative

    Yield is credited gradually over 7 days, not in one lump.

  • Illustrative

    The protocol keeps 12.5% of yield (capped at 20%); half goes to the first-loss reserve. It never takes principal.

  • Staking may require an eligibility check before it is available.
Try the staking preview Reserve model and risks