---
title: "Saturn USDat (USDat) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdat-saturn/"
description: "Build-time stablecoin profile for Saturn USDat (USDat). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Saturn USDat (USDat)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

Saturn's USDat is a permissioned M0 wrapper of short-term {{term:treasury}}T-bills{{/term}}, with the actual Saylor exposure sitting one floor up in the sUSDat vault that rotates into Strategy's perpetual preferred equity. Saturn pitches itself as the digital monetary layer for a financial system backed by Bitcoin, but at launch USDat is just another M0 wrapper -- 100% of the collateral is short-term Treasury bills via M0 Protocol, which means the dollar in your wallet is bankrupt-remote SPV plumbing wearing Saturn's logo. The Bitcoin part lives one floor up, in the sUSDat staking vault, where capital is dynamically rotated into STRC -- Strategy's perpetual preferred equity -- based on Michael Saylor's loan-to-value ratio, targeting 11%+ APY routed through Clear Street {{term:custody}}custody{{/term}} and a Securitize-administered BVI fund. USDat is permissioned and geofenced from the United States, the EEA, and OFAC jurisdictions, so the audience is sophisticated offshore capital comfortable with both KYC onboarding and a 3-7 day unstaking queue. With $33 million in circulation barely a month after the March 2026 deployment, three audits from Certora and Three Sigma, and live proof-of-reserves still pending Accountable and Chainlink integration, USDat is the cleanest expression yet of the thesis that crypto's next yield wave doesn't come from on-chain perps or {{term:rwa}}RWA{{/term}} T-bills -- it comes from being long whatever Saylor is short.

## Collateral

100% backed by M (M0 Protocol's tokenized short-term U.S. Treasury bills) at launch — capital is held directly in the USDat smart contract and verifiable on-chain; protocol roadmap allows reserves to shift toward digital credit instruments (e.g. Strategy STRC preferred equity) over time

## Peg Mechanism

Permissioned 1:1 mint by depositing USDC via the M0 Swap Facility (Uniswap V3 1bps tier) which routes through wM; redemption returns USDC by unwrapping USDat back to wM and burning the USDat. Only KYC-onboarded addresses can mint, redeem, or hold USDat; geofenced away from US, EEA, and OFAC-sanctioned jurisdictions

## Jurisdiction

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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x23238f20b894f29041f48d88ee91131c395aaa71` | 6 |

## Live Data

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