How USDat & sUSDat Works

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. As the digital credit market matures, reserve allocations will progressively shift toward digital credit exposure, with the goal of being backed fully by digital credit.

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. As yield accrues from digital credit, the sUSDat-to-USDat exchange rate gradually increases, compounding returns over time.

When users stake their USDat, Saturn reallocates reserves from M to digital credit. This introduces slightly higher risk, but the target yield is 11%+. sUSDat offers stable, predictable returns by forgoing a portion of Bitcoin's upside potential.