> For the complete documentation index, see [llms.txt](https://docs.strata.markets/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.strata.markets/markets/midas-mm1-usd/srmm1-usd.md).

# srmM1-USD

Strata Senior mM1-USD

Senior mM1-USD is a liquid, yield-bearing derivative that provides low-risk exposure to the M1 Capital's flagship USD fund. Protected from the downside risk by the junior tranche.

<details>

<summary>Mint</summary>

Users can mint srmM1-USD by depositing mM1-USD. The amount of srmM1-USD received is determined by the real-time srmM1-USD/USD exchange rate minus any applicable minting fees by Midas.

At the current stage of protocol implementation:

* Only mM1-USD can be used to mint srmM1-USD through the Strata UI.
* Users need to mint mM1-USD on Midas first and then deposit on Strata to mint srmM1-USD.
* Minting fees on Strata are currently waived.
* srmM1-USD minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold.

</details>

<details>

<summary>Redeem</summary>

When srmM1-USD is redeemed, the user receives mM1-USD based on the srmM1-USD/USD exchange rate, minus any applicable redemption fees.

At the current stage of protocol implementation:

* srmM1-USD can be redeemed for mM1-USD only through the Strata UI. mM1-USD can be redeemed for stablecoins on Midas.
* 0–5 bps redemption fee is applied depending on the srmM1-USD coverage level. The applicable fee is displayed on the UI prior to confirmation.
* mM1-USD redemptions are processed instantly.

</details>

{% hint style="success" %}
The srmM1-USD [Dashboard](https://app.strata.markets/market/mM1-USD?action=buy\&tranche=srmM1-USD) on the Strata app displays the current srmM1-USD/USDC exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srmM1-USD's performance at any moment.
{% endhint %}