How USDat & sUSDat Works

Understand how USDat provides stable liquidity while sUSDat earns yield from digital credit, including reserves, staking, and exchange-rate growth.

USDat and sUSDat

Saturn uses a two-token model designed to separate liquidity from yield. Users choose the exposure that fits their needs while maintaining full collateral backing.

USDat

USDat is a fully collateralized stablecoin designed for liquidity and settlement. It behaves similarly to existing stablecoins like USDC or USDT. Onboarded users can mint and redeem 1:1 with USDC through Saturn's web application.

The reserve composition at launch targets 100% M (M0's tokenized U.S. Treasuries product) for maximum stability and liquidity.

Saturn has no plans to transition USDat's reserve asset away from tokenized U.S. Treasuries. Any change to the reserve composition would involve core partners in the decision process and advance notice to users.

sUSDat

sUSDat is a yield-bearing token that allows users to earn yield generated from digital credit. Users mint sUSDat by staking USDat at an initial 1:1 ratio. When users stake their USDat, Saturn reallocates reserves from M to digital credit. As yield accrues from digital credit, the sUSDat-to-USDat exchange rate gradually increases, compounding returns over time.