Mint and Redeem

Minting USDat

To mint USDat, users must first complete Saturn's onboarding process. Only whitelisted addresses, both the depositor and the recipient, are permitted to interact with the protocol.

Once onboarded, users can mint USDat by depositing any approved asset through the Saturn interface. USDat supports minting with $M (the M0 money market token) as well as other approved stablecoins such as USDC. All supported assets are assumed to be pegged 1:1 to the dollar, and USDat is minted at a 1:1 ratio accounting for decimal normalization. For example, depositing 1,000 USDC (6 decimals) mints 1,000 USDat.

Deposits are routed through the M0 Swap Facility, which handles asset transfer and minting. The protocol tracks backing per asset, so USDat in circulation may be backed by a mix of $M and other approved assets.

Redeeming USDat

To redeem USDat, users must first complete Saturn's onboarding process. Only whitelisted addresses are permitted to redeem.

Once onboarded, users can redeem USDat through the Saturn interface in two steps. USDat is unwrapped to Wrapped $M at a 1:1 rate via the M0 Swap Facility, which burns the USDat. Users then swap their Wrapped $M for USDC via the Uniswap V3 pool at the 1 bps (0.01%) fee tier, receiving USDC directly in their wallet.

For Non-Onboarded Users

Users who are not onboarded with Saturn can still access USDat by swapping in or out through the protocol-supported pool on Curve.