Currently, Santurn has launched a points program.

Written by: Grok

Edited by: Maher, Foresight News

On April 9, the DeFi yield protocol Saturn officially launched on the mainnet, simultaneously signaling the end of its private testing phase. Multiple institutions, including Flowdesk and Galaxy, deposited a total of 10 million dollars during the private testing period. Within 24 hours of the mainnet launch, the protocol's total locked value quickly exceeded 40 million dollars.

As of April 17, the latest data shows its TVL at 72.6 million dollars.

USDat is a non-yield stablecoin, 100% backed by tokenized U.S. Treasuries, issued based on M0 infrastructure, primarily for payments, settlements, and DeFi liquidity provision.

Saturn was developed by Saturn Labs, with its core product being a dual-token stablecoin system: USDat and sUSDat.

sUSDat is the staking version of USDat, 100% exposed to Strategy's STRC digital credit product (an institutional-grade preferred stock instrument backed by Bitcoin collateral), currently offering approximately 10% annualized yield.

This dual-token design separates liquidity from yield, allowing users to exchange assets like USDC for USDat, then stake to receive sUSDat for Bitcoin-backed earnings.

Currently, sUSDat supports Pendle fixed/floating rate strategies and went live on Morpho on April 16, 2026, allowing sUSDat to be used as collateral or for lending liquidity, with an initial borrowing limit of 10 million dollars.

Saturn's yield comes from Strategy's Bitcoin credit strategy. Strategy's STRC product features a perpetual preferred stock structure, distributing approximately 11.5% annualized dividends monthly, backed by a Bitcoin balance sheet.

Saturn tokenizes this institutional-grade credit product and connects it to DeFi, allowing users to earn related yields on-chain without needing to directly hold the stock. The reserves of USDat are 100% tokenized U.S. Treasuries, while sUSDat corresponds entirely to STRC collateral, with dividend flows directly enhancing the exchange rate of sUSDat to USDat.

Operational Mechanism

Saturn's dual-token model aims to resolve the contradiction between the zero yields of traditional stablecoins and the high barriers of institutional credit products. USDat serves as the base stablecoin, pegged to the dollar and maintaining a 1:1 redemption, mainly through compliance issuance and reserve transparency achieved via M0 and other infrastructures.

sUSDat represents the on-chain counterpart of STRC: users receive sUSDat after staking USDat, with the latter's price naturally rising with the accumulation of STRC interest, effectively representing an on-chain "yield-bearing dollar." This mechanism does not rely on algorithms or excessive collateral fluctuation but directly connects to Strategy's publicly available digital credit products, providing relatively transparent sources of yield.

The project has been deeply integrated with DeFi platforms such as Pendle and Morpho. Pendle users can trade fixed/floating rate derivatives of USDat/sUSDat; Morpho's market allows sUSDat to be used as collateral for leverage strategies, initially supported with liquidity from Flowdesk.

From a risk perspective, Saturn's yields are directly tied to Strategy's Bitcoin holdings and STRC performance. If Bitcoin prices fluctuate significantly or Strategy adjusts its dividend policy, sUSDat's yield may face uncertainty. Additionally, the compliance of RWA, reserve auditing, and changes in regulatory environments remain key market concerns.

Points Program

Official documentation indicates that the first quarter will focus on liquidity incentives, including Curve, Pendle LP, and Morpho supply activities, where participants can earn points by holding or providing liquidity. Unstaking sUSDat will require 3-7 days for processing to maintain market stability.

The announced weights include: holding USDat or sUSDat to earn base points; converting USDC to USDat via Curve will yield 7 times the points; providing liquidity for the USDat/USDC trading pair can achieve up to 20 times the points multiplier.

The end condition for the first quarter activity is that Saturn's TVL reaches 500 million dollars or by August 8, 2026, whichever comes first.

The official statement indicates that activity points will serve as an important reference for potential future token airdrops or rewards distribution. However, Saturn noted in its disclaimer that the incentives for the first quarter activity may change, with all adjustments remaining transparent.

Team Background

Saturn Labs is co-led by Kevin Li (co-founder and CEO) and Ellis Osborn (co-founder and COO). Kevin Li previously worked at ParaFi Capital and Artemis and holds a master's degree from the University of Pennsylvania. Ellis Osborn previously worked at M31 Capital and is also a graduate of the University of Pennsylvania.

Kevin Li

In public discussions, Kevin Li has repeatedly articulated the logic of bringing Strategy STRC on-chain, emphasizing the integration potential of "digital credit" with DeFi. The project is incubated by YZi Labs, which previously supported early Web3 projects through EASY Residency.

Official materials indicate that the team is registered in the British Virgin Islands.

In January 2026, Saturn completed an 800,000 dollar seed round financing, led by YZi Labs (EASY Residency Season 2) and Sora Ventures, with participation from several well-known angel investors in the crypto space.

The financing is primarily used for tokenizing institutional credit products such as STRC, building a dual-token mechanism, and integrating with DeFi. Jason Fang, founder of Sora Ventures, stated that the project connects institutional credit products with DeFi infrastructure, providing real yields that are difficult for traditional stablecoins to achieve. Records from platforms like RootData show that after this round of financing, Saturn rapidly advanced mainnet development.

Currently, Securitize and Clear Street are assisting with its compliance tokenization process. The private testing phase's deposits of 10 million dollars provided initial liquidity for subsequent growth.

Saturn's launch coincides with a rising demand for real yields in DeFi. Traditional stablecoins mainly offer zero or low yields, while Bitcoin credit products like STRC provide institutional-level fixed income sources. The project indirectly brings Strategy founder Michael Saylor's Bitcoin strategy into DeFi, attracting attention from some Bitcoin players.

The official emphasizes that all products are offered to qualified non-U.S. users, clearly stating that "the yields are variable and not guaranteed." However, as an emerging protocol, its actual performance still needs market validation: the sustainability of the yield depends on the stability of STRC dividends, liquidity depth relies on further DeFi integration, and regulatory compliance risks cannot be overlooked.

Note: This article was co-created by AI tool Grok and author Maher, with the data and factual portions verified manually. Furthermore, Maher contributed to 30% of the content adjustments.

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