Saturn sUSDat (sUSDat) stablecoin analytics
Answer First
What is Saturn sUSDat (sUSDat)?
sUSDat is Saturn's USDat-denominated credit vault, backed mainly by STRCon exposure to Strategy preferred shares and exited through a withdrawal queue. The static profile records its USDat-denominated NAV accounting mechanism as: USDat deposits mint ERC-4626 shares priced from USDat accounting balances and STRCon recognized value. Credit dividends and vested surplus can increase the share exchange rate, while preferred-share losses can reduce it.
Is sUSDat safe?
Pharos does not mark sUSDat as absolutely safe. Static metadata says Saturn sUSDat uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with curated reserve profile; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Saturn sUSDat (sUSDat) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg USDat-denominated NAV.
Variant Relationship
Saturn sUSDat (sUSDat) is modeled as a strategy vault variant of Saturn USDat (USDat). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.
AI summary / Updated Oct 3, 2026
Saturn sUSDat turns USDat deposits into a managed credit-vault share whose value depends mainly on STRCon, an Ondo note tracking Strategy preferred shares. Dividend income can increase the exchange rate, while preferred-credit losses can reduce it; cash-backed USDat provides only the liquidity buffer. Holders can trade on secondary markets or request queued USDat redemption, which depends on operator processing and realizable liquidity.
- Collateral
- Ethereum vault-held STRCon structured notes tracking Strategy Stretch Preferred (STRC), plus a USDat liquidity buffer. At block 26108096 the observed NAV mix was 93.797773% STRCon recognized value and 6.202227% USDat; the legacy STRC mirror recognized zero. STRCon is an Ondo note, not direct ownership of Strategy shares. Exact Saturn gift, seniority, legal recovery and whole-book independent reconciliation remain unverified.
- Peg Mechanism
- USDat deposits mint ERC-4626 shares priced from USDat accounting balances and STRCon recognized value. Credit dividends and vested surplus can increase the share exchange rate, while preferred-share losses can reduce it. Holders request queued USDat redemption and receive an NFT; an operator processes requests using available USDat and STRCon unwind proceeds before the holder claims. Current V2 Elevated mode charges 25 bps deposits and 50 bps processed redemptions, superseding older 10 bps documentation. Processing time and full stressed capacity are undisclosed. Exact Ethereum Curve trading provides a separate, depth-limited USDC exit; neither route guarantees par or immediate whole-position liquidity.
- Jurisdiction
- British Virgin Islands
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
Next Actions
Exact bot target: /subscribe dews,depeg,safety susdat-saturn
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Oct 3, 2026.
sUSDat quick answers
What is Saturn sUSDat (sUSDat)?
sUSDat is Saturn's USDat-denominated credit vault, backed mainly by STRCon exposure to Strategy preferred shares and exited through a withdrawal queue. The static profile records its USDat-denominated NAV accounting mechanism as: USDat deposits mint ERC-4626 shares priced from USDat accounting balances and STRCon recognized value. Credit dividends and vested surplus can increase the share exchange rate, while preferred-share losses can reduce it.
Is sUSDat safe?
Pharos does not mark sUSDat as absolutely safe. Static metadata says Saturn sUSDat uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with curated reserve profile; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs sUSDat?
Pharos classifies sUSDat backing as Real-World Asset Backed. Collateral, per the static profile: Ethereum vault-held STRCon structured notes tracking Strategy Stretch Preferred (STRC), plus a USDat liquidity buffer. Reserve evidence: curated reserve profile.
Can sUSDat be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for sUSDat, when applicable, appear in the dossier below.
