Saturn USDat

Structured Yield Products on Saturn USDat

Saturn USDat is a US Treasuries–backed stablecoin, and sUSDat is its yield-bearing version, earning yield from T-Bills and dividends on STRC, Strategy’s short-term, high-yield preferred equity.

sUSDat is Saturn’s yield-bearing vault token built on the ERC-4626 standard. It represents a user’s share in a managed pool of digital credit exposure, where yield is generated from Saturn’s STRC holdings and automatically passed through to holders. Unlike typical yield-bearing stablecoins, the sUSDat/USDat exchange rate (NAV) is variable, as it reflects changes in STRC’s market price. While STRC is designed to trade close to its par value ($100) through its dividend distribution mechanism, its price can fluctuate based on market expectations around credit risk.

We’re seeing a new financial stack take shape across three layers:

1. Digital Capital is Bitcoin.

2. Digital Credit is Strategy STRC.

3. Digital Money & Digital Yield built on top of Digital Credit.

Michael Saylor outlined a vision of transforming programmable digital credit into digital money and digital yield.

Strata is purpose-built to realize this vision by delivering structured yields on USDat. It transforms sUSDat into programmable tranches, allowing depositors to access STRC Digital Credit yield with fixed rate, no volatility and built-in protection or opt for amplified dividend yields by taking on leveraged exposure to STRC performance and sUSDat volatility and underwriting underlying strategy and collateral risks as first-loss capital. At the same time, the tranching of sUSDat significantly improves the composability of Strategy’s Bitcoin credit product across the broader DeFi ecosystem.

The protocol introduces two liquid and composable tokens built on Saturn sUSDat: Strata Senior USDat (srUSDat) and Strata Junior USDat (jrUSDat).

• srUSDat (Senior Tranche): Senior USDat is a yield-bearing derivative of sUSDat that provides low-risk exposure to Saturn’s Bitcoin credit yield via STRC. It is designed to offer a fixed yield (65% of STRC dividend rate) with no volatility and protection against underlying strategy and collateral risks.

• jrUSDat (Junior Tranche): Junior USDat is a liquid, yield-bearing derivative of sUSDat that provides leveraged upside to sUSDat yield, while absorbing its volatility from STRC exposure and underwriting underlying strategy and collateral risks as first-loss capital.

Market Specifications

Underlying Protocol	Saturn
Yield Source	sUSDat
Base Asset	USDat
Benchmark	65% of STRC Dividend Rate
Performance Fee	5.0%
Senior Redemption Fee	0.05% when coverage is above 130% 0.025% when coverage is 115-130% 0% when coverage is below 115%
Junior Redemption Fee	0.20% when coverage is above 130% 0.10% when coverage is 115-130% 0% when coverage is below 115%
Senior Cooldown Period	None
Junior Cooldown Period	None when coverage is above 130% 14 days when coverage is 115-130% 28 days when coverage is below 115%
Min. Coverage Threshold	107.5%