Underlying asset
USDat
Issued by Saturn. The facts below were checked on the date shown, from the sources listed.
USDat is issued by Saturn and pays its holders nothing of its own: what stands behind it (short-dated government bills) earns for the issuer, or for those who stake it. Only approved holders can redeem it; others leave by selling. Its yield on Pendle is a campaign of incentives.
Facts
- Issuer
- Saturn
- What stands behind it
- short-dated government bills
- Strategy
- cash and short-dated government paper at a custodian
- Valued in
- USD
- Position in the capital stack
- not a tranche
- Who has to keep a promise
- a regulated issuer, a manager off chain
- Redemption
- redeemed only by approved holders
- Where the money sits
- Held in the token contract itself: Saturn says 'All USDat capital is held directly in the USDat smart contract' (https://saturncredit.gitbook.io/saturn-docs/operations-and-governance/transparency-and-audits); the reserve token's own backing is off chain with its issuer.
Researched on 2026-10-09; the amounts in the labels are as of that day. - Who can change it
- a timelock · 120 h delay · the admin role · five days on Ethereum; two days on BNB and Monad 0xfd5782e3bff366601da3973ae30c583de4f08a67 (Ethereum)
- Audits
- Certora, 2026-04 (report 1)
Certora, 2026-04 (report 2)
Also named by the issuer, without a linked report: Three Sigma - Bug bounty
- not found in a source that meets the standard
- Depends on
- Paxos, MoonPay, the issuer of PYUSDx (over Paxos's PYUSD)
Other assets from the same issuer: sUSDat - Chains
- BNB, Ethereum, Monad
- Checked
- 2026-10-09, from the issuer's own documents
- Sources
- https://saturncredit.gitbook.io/saturn-docs/solution/how-usdat-and-susdat-works
https://saturncredit.gitbook.io/saturn-docs/solution/usdat-overview/mint-and-redeem
https://saturncredit.gitbook.io/saturn-docs/operations-and-governance/transparency-and-audits
https://saturncredit.gitbook.io/saturn-docs/operations-and-governance/key-addresses
https://app.saturn.credit/insights/saturn-protocol
https://www.m0.org/press-releases/pyusdx-stablecoin-platform-crosses-100-million-in-scale
https://dev.enterprise.moonpay.com/issuance/pyusdx
https://docs.m0.org/protocol/pyusdx/overview
https://www.paxos.com/pyusd
https://www.certora.com/reports/saturn-dollar
Pendle markets on it
Live Pendle markets on this asset, as of 26 Oct 2026. Names and dates only. Market data: Pendle.
| Chain | Maturity | Principal token |
|---|---|---|
| BNB | 2027-01-14 | PT-USDat-14JAN2027 |
| Ethereum | 2027-01-14 | PT-USDat-14JAN2027 |
| Monad | 2027-01-14 | PT-USDat-14JAN2027 |
The fixed rate, read on chain
This site reads each market's own contract every hour and keeps the day's last reading, one point a day, ending at the last complete day. These are not Pendle's figures. The record describes what the rate was; it does not compare markets or say what it will be.
| Chain | Maturity | Principal token | Recorded | |
|---|---|---|---|---|
| BNB | 2027-01-14 | PT-USDat-14JAN2027 | 4.47% on 2026-09-24 to 4.61% on 2026-10-25 | |
| Ethereum | 2027-01-14 | PT-USDat-14JAN2027 | 6.66% on 2026-09-24 to 7.69% on 2026-10-25 | |
| Monad | 2027-01-14 | PT-USDat-14JAN2027 | 7.10% on 2026-09-24 to 8.81% on 2026-10-25 |
Not found
What the research has not answered for this asset, said rather than left blank.
- A public bug bounty programme.
- Incidents: this encyclopedia does not yet keep a record of incidents from primary sources.