---
title: "Saturn sUSDat (sUSDat) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/susdat-saturn/"
description: "Build-time stablecoin profile for Saturn sUSDat (sUSDat). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-10-03"
---



# Saturn sUSDat (sUSDat)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

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. Native and bridged tokens retain blacklist or recovery powers, and exact note terms, Saturn holder priority and independent whole-book reconciliation remain unverified. Those unresolved credit and control facts limit what can be concluded from the visible on-chain NAV.

## 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

| Country | Regulator | License |
| --- | --- | --- |
| British Virgin Islands | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xd166337499e176bbc38a1fbd113ab144e5bd2df7` | 18 |
| bsc | `0x9cd57d3685e6868cacaa8bdcaaf52cbdebf4fa25` | 18 |
| monad | `0x9cd57d3685e6868cacaa8bdcaaf52cbdebf4fa25` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/susdat-saturn.