According to CoinMeta, Wu said that the market-neutral synthetic US dollar protocol neutrl has announced that holders of nusd and snusd can now submit applications through the official redemption portal to exchange for USDC at the previously disclosed liquidity reserve rate. After the redemption is completed, the corresponding tokens will be destroyed. Users need to connect their wallets and sign on-chain messages to verify ownership. The program is expected to be open until November 14, 2026, subject to the terms and conditions. In response, a user posted that neutrl currently only supports redemption at a ratio of 50%; for example, depositing $10,000 would only allow for the retrieval of about $5,000. The user also mentioned that the project team has not disclosed the reasons for losses, details of the losses, or the size of the remaining assets. Earlier in late August, neutrl reported issues with its strategic holdings that led to limited liquidity reserves and temporarily suspended the related smart contracts.