srUSDat is Strata's senior risk tranche built on Saturn's USDat stablecoin. It offers principal-protected yield with a guaranteed minimum APY tied to a benchmark rate, plus uncapped upside exposure to the underlying USDat yield.
This is a max-APY yield loop: PT-srUSDat is supplied as collateral and USDC is borrowed against it on Morpho, then recycled back into PT-srUSDat to multiply the underlying Yield Tranching yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.
Live APY, leverage multiplier and available liquidity are shown in the app.