Saturn USDat (USDat) stablecoin analytics
Answer First
What is Saturn USDat (USDat)?
USDat is Saturn's non-yield-bearing PYUSDx-backed dollar token, mintable and redeemable through KYC-gated Swap Facility flows. The static profile records its US Dollar peg mechanism as: Permissioned 1:1 wrap and unwrap through the PYUSDx SwapFacility. The upgraded MultiMint implementation returns PYUSDx on unwrap and retains compliance whitelist, freeze, pause, and forced-transfer controls; the legacy M reserve was...
Is USDat safe?
USDat holds a C+ Safety Score grade (62/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Saturn USDat uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Real-Time PoR from Saturn Protocol reserve analytics and on-chain USDat proxy balances; the August 2026 MultiMint upgrade replaced the legacy M reserve with PYUSDx; 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 USDat (USDat) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar.
AI summary / Updated Sep 7, 2026
Saturn's USDat is a permissioned dollar token whose reserve changed in August 2026. It launched as an M0 extension holding tokenised T-bills in a bankruptcy-remote SPV; at Ethereum block 25789911 Saturn upgraded the proxy to a MultiMint implementation and wound the M reserve down to zero, so the proxy now holds PYUSDx, the MoonPay-issued M0 token backed by PayPal USD, and fixed-block reads reconcile it exactly to USDat supply. The base token is therefore a serial claim on PYUSD, and the N/A overall grade is bound...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
Sources: Forbes: DeFi stablecoin operation built on Saylor's preferred stock on shaky ground (2026-07-28), Saturn Dollar current implementation and PYUSDx migration runbook, and M0 and MoonPay PYUSDx backing announcement
- Collateral
- 100% backed by PYUSDx held directly in the USDat proxy after Saturn's August 2026 migration from the legacy M-backed implementation; PYUSDx is M0's yield-bearing, non-rebasing token backed by PYUSD and issued by MoonPay
- Peg Mechanism
- Permissioned 1:1 wrap and unwrap through the PYUSDx SwapFacility. The upgraded MultiMint implementation returns PYUSDx on unwrap and retains compliance whitelist, freeze, pause, and forced-transfer controls; the legacy M reserve was progressively replaced with PYUSDx and is now zero
- Jurisdiction
- British Virgin Islands
- Proof Of Reserves
- Real-Time PoR by Saturn Protocol reserve analytics and on-chain USDat proxy balances; the August 2026 MultiMint upgrade replaced the legacy M reserve with PYUSDx Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety usdat-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 Sep 7, 2026.
USDat quick answers
What is Saturn USDat (USDat)?
USDat is Saturn's non-yield-bearing PYUSDx-backed dollar token, mintable and redeemable through KYC-gated Swap Facility flows. The static profile records its US Dollar peg mechanism as: Permissioned 1:1 wrap and unwrap through the PYUSDx SwapFacility. The upgraded MultiMint implementation returns PYUSDx on unwrap and retains compliance whitelist, freeze, pause, and forced-transfer controls; the legacy M reserve was...
Is USDat safe?
USDat holds a C+ Safety Score grade (62/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Saturn USDat uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Real-Time PoR from Saturn Protocol reserve analytics and on-chain USDat proxy balances; the August 2026 MultiMint upgrade replaced the legacy M reserve with PYUSDx; 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 USDat?
Pharos classifies USDat backing as Real-World Asset Backed. Collateral, per the static profile: 100% backed by PYUSDx held directly in the USDat proxy after Saturn's August 2026 migration from the legacy M-backed implementation; PYUSDx is M0's yield-bearing, non-rebasing token backed by PYUSD and issued by MoonPay Reserve evidence: Real-Time PoR from Saturn Protocol reserve analytics and on-chain USDat proxy balances; the August 2026 MultiMint upgrade replaced the legacy M reserve with PYUSDx.
Can USDat 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 USDat, when applicable, appear in the dossier below.
