# srUSDat

Senior USDat (srUSDat) is a liquid, yield-bearing derivative of USDat that provides low-risk exposure to Saturn’s Bitcoin credit yield via STRC. It offers a fixed yield (65% of the STRC Dividend Rate)\
with no volatility and yield-bearing dollar like characteristics. Any shortfall to this guaranteed yield, along with underlying volatility and strategy risks, is absorbed by the Junior tranche, which provides explicit coverage to srUSDat holders.

srUSDat always earns a share of the yield generated by the protocol on the pooled USDat collateral by staking USDat. It offers a guaranteed fixed yield on USDat linked to the benchmark rate with no volatility and first-loss protection provided by the junior tranche against any underlying strategy and collateral risks. In extreme scenarios where the junior tranche is fully depleted, srUSDat would directly receive the sUSDat performance.

<details>

<summary>Mint</summary>

Users can mint srUSDat by depositing USDat/sUSDat. The amount of srUSDat received is determined by the real-time srUSDat/USDat exchange rate minus any applicable minting fees by Saturn.

At the current stage of protocol implementation:

* sUSDat and USDat can be used to mint srUSDat through the Strata UI.
* Minting fees on Strata are currently waived.
* srUSDat minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold.
* srUSDat can also be acquired on secondary markets using any asset on DEXs.

</details>

<details>

<summary>Redeem</summary>

When srUSDat is redeemed, the user receives USDat/sUSDat based on the srUSDat/USDat exchange rate, minus any applicable redemption fees.

At the current stage of protocol implementation:

* srUSDat can be redeemed for USDat and sUSDat through the Strata UI.
* 0–5 bps redemption fee is applied depending on the srUSDat coverage level. The applicable fee is displayed on the UI prior to confirmation.
* sUSDat redemptions are processed instantly, while USDat redemptions follow a cooldown period, consistent with Saturn's sUSDat unstaking period. USDat can be claimed in the portfolio section.
* srUSDat can also be traded for other assets on DEXs.

</details>

{% hint style="success" %}
The srUSDat [Dashboard](https://app.strata.markets/market/USDat?action=buy\&tranche=srUSDat) on the Strata app displays the current srUSDat/USDat 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 srUSDat's performance at any moment.
{% endhint %}


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