Saturn is a dual-token RWA stablecoin protocol on Ethereum, issuing USDat (a permissioned synthetic dollar backed by M0 tokenized T-bills) and sUSDat (an ERC-4626 yield vault earning ~11% APY via STRC preferred equity dividends), with a dynamic LTV reserve model that automatically shifts collateral allocation from STRC toward T-bills as Bitcoin/credit risk rises.
Step 0 / 4Press Next to walk through how Saturn converts Strategy's on-listed STRC preferred-equity dividends into on-chain yield.
STRC isn't a free 11.5% yield. Strategy issues it to raise cash to buy Bitcoin. The dividend is funded by a reflexive premium that only persists while BTC keeps appreciating. Apyx and Saturn both inherit this systemic dependency.
MSTR equity trades at a premium to BTC NAV. Strategy issues STRC at par, raises cash, buys more BTC. New BTC lifts NAV faster than the dividend bill grows. STRC peg holds; rate can even be "stretched down".
Reserve allocation auto-shifts between STRC and M0 T-bills based on Strategy's Bitcoin LTV. As MSTR's credit risk climbs, the vault deleverages STRC exposure on the way down.
LTV ≤ 28.57% — up to 100% STRC, full yield capture.
28.57% → 100% — linear de-risking toward T-bills.
LTV ≥ 100% — 100% M0 T-bill reserve, zero STRC exposure.
Live signals detected by Sentinel monitors across all five risk classes.
See each alert's affected component, root-cause analysis, and recommended action. Pro members get the full risk breakdown for every protocol.
T-bill yield stablecoins (~4-5% APY) do not capture the higher returns available from digital-asset-adjacent preferred equity (STRC: ~11.5%). Existing preferred equity exposure in DeFi lacks risk management and stable-dollar utility.
Saturn routes USDat stakers into STRC preferred equity exposure via a dynamic LTV-managed reserve, capturing ~11.5% annual dividend yield in sUSDat while maintaining a T-bill backstop for stability. Monthly dividends vest linearly on-chain, eliminating lumpy cash flows.
Dynamic LTV-triggered reserve reallocation automatically deleverages from STRC to T-bills as Bitcoin/STRC collateral risk rises — a risk-managed preferred-equity yield mechanism not available in existing T-bill stablecoin designs. Built on top of regulated M0 infrastructure with institutional custody.
Saturn is a RWA protocol operating on Ethereum. Saturn is a dual-token RWA stablecoin protocol on Ethereum, issuing USDat (a permissioned synthetic dollar backed by M0 tokenized T-bills) and sUSDat (an ERC-4626 yield vault earning ~11% APY via STRC preferred equity dividends), with a dynamic LTV reserve model that automatically shifts collateral allocation from STRC toward T-bills as Bitcoin/credit risk rises.
Saturn routes USDat stakers into STRC preferred equity exposure via a dynamic LTV-managed reserve, capturing ~11.5% annual dividend yield in sUSDat while maintaining a T-bill backstop for stability. Monthly dividends vest linearly on-chain, eliminating lumpy cash flows.
DeFi Sentinel rates Saturn C with a safety score of 34/100, indicating rated risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Saturn has 2 audits on record. DeFi Sentinel's analysis flagged 9 high, 5 medium, 1 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Governance & Centralization, Sustainability & Competitive Position and Reputation & Social Trust. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
Saturn has a DeFi Sentinel safety score of 34/100 (rating C), last updated May 12, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Saturn is deployed on Ethereum.
Yes. Saturn has 2 audit reports on record from firms including Three Sigma, Certora. Audit reports and dates are linked under the Resources tab on this page.
