Testnet preview — illustrative data

Tessera transparency

What backs TSRA and sTSRA. As of Fri, 16 Oct 2026 00:00:00 GMT.

Reserve attestation
Oct 16, 2026
Last attestation date

Minting pauses automatically if the attestation is older than 7 days.

Who controls what
  • Changes need M-of-N committee signatures — no single key can move funds or change rules.
  • Hard limits are enforced on-chain: mint ceiling, fee cap 20%, lock ≤ 90 days, cooldown 7–14 days.
  • Every rule lives in public, mutation-tested contracts — see Security.
Daily NAV per sTSRA
$1.0421
+0.010% vs previous day
TSRA is fixed at $1; only sTSRA accrues yield.
First-loss reserve
2.6%
Target 3% of reserves
Overcollateralisation
104.2%
Target 102–105% · reserves $10,420,000 vs supply $10,000,000

Reserve sleeves

Liquid
Cash + tokenised T-bill money-market funds
64% · target 60–70%in band
Short investment grade
Short-dated investment-grade bonds
6% · target 0–10%in band
Multi-originator credit
Diversified private credit from vetted originators
23% · target 20–30%in band
Marketplace RWAs
Fractional real-world assets from the Stellaris marketplace
7% · target 5–10%in band

Exposure per originator

OriginatorSleeveExposure% of reserves
Originator AMulti-originator credit$820,0007.9%
Originator BMulti-originator credit$690,0006.6%
Originator CMulti-originator credit$540,0005.2%
Originator DMulti-originator credit$345,0003.3%
Marketplace issuersMarketplace RWAs$730,0007.0%
Total$3,125,000

How your money is protected

If something goes wrong, losses are absorbed in this order — first loss at the top.

Our difference: reserves, first-loss size and loss order are published and checked by the contracts, not just stated.

  1. 1
    Originator collateral and covenants

    Each originator posts collateral and is bound by covenants. Losses hit them first.

  2. 2
    Protocol first-loss reserve

    The protocol pays before stakers. This reserve absorbs losses before any sTSRA holder is touched.

  3. 3
    Overcollateral buffer

    Reserves are held above 100% of supply; the surplus absorbs the next layer of losses.

  4. 4
    sTSRA stakers

    Stakers earn the yield and sit ahead of TSRA holders in the loss order.

  5. 5
    TSRA holders

    Last in line — protected by every layer above.

Redemption order

When you redeem TSRA, we pay from the most liquid assets first:

  1. 1.Cash
  2. 2.Money-market fund tokens
  3. 3.Short investment-grade assets

By policy, redemptions are paid from the most liquid assets first; credit and marketplace assets are not sold to meet them.