Saturn Unveils USDat, Dollar Asset Built on PayPal’s PYUSDx Stablecoin Infrastructure
Summary
- Saturn said it has unveiled USDat, a dollar-based asset built on PayPal’s PYUSDx infrastructure.
- Investors can stake USDat to receive sUSDat, whose value and return profile may vary depending on exposure tied to STRC.
- The products are split into a senior srUSDat structure and a junior jrUSDat structure, and investors may face different risks depending on the structure and underlying asset characteristics.
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Saturn, a structured-finance protocol focused on digital credit, has unveiled USDat, a dollar-based asset built on PayPal’s stablecoin infrastructure.
On Sept. 15, Saturn announced USDat, an asset based on PYUSDx, a developer platform introduced jointly by PayPal, M0 and MoonPay. PYUSDx is infrastructure that allows companies to design their own on-chain dollar products using PayPal USD, or PYUSD, as a reserve asset.
Within PYUSDx, M0 provides the technical infrastructure and MoonPay handles PYUSD reserve operations. Saturn is among the initial projects issuing an asset through the platform.
USDat is a dollar-based asset used for liquidity and settlement within the Saturn ecosystem. Users can mint or redeem USDat, and it also serves as a pricing benchmark for related products. Through the integration, USDat’s reserve-asset structure has been linked to PYUSD.
Saturn also operates multiple digital credit products based on USDat. Users who stake USDat can receive sUSDat, which is structured to reflect exposure tied to Strategy’s preferred stock STRC. The product’s value and return profile can be affected by the underlying asset and market conditions.
The products are divided by risk-bearing structure. srUSDat is designed as a senior tranche, while jrUSDat is a junior tranche, with different loss-allocation and payout priority. Investors may be exposed to different risks depending on each product’s structure and the characteristics of its underlying asset.
Access channels are also expanding. Binance Wallet added Saturn-related products to its yield service, Earn, on Aug. 27. Users can access USDat-based products through Pendle.
Saturn is also expanding its integration with Pendle. It is offering a rollover function that allows users to move existing USDat, sUSDat and srUSDat positions into a market expiring in January 2027. The company also plans to run a separate incentive program totaling $32,000 for certain USDat-related positions through Sept. 27.
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