PT-USDat Max APY Yield Strategy

PT-USDat is a Pendle Principal Token on USDat, Saturn's stablecoin backed 100% by digital credit (STRC). It represents a fixed-yield position on digital credit dividends, maturing 27 Aug 2026.

How the strategy works

This is a max-APY yield loop: PT-USDat is supplied as collateral and USDC is borrowed against it on Morpho, then recycled back into PT-USDat to multiply the underlying Digital Credit yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.

Strategy details

Collateral asset

PT USDat 27AUG2026 (PT-USDat)

Borrowed asset

USDC

Issuer

Saturn

Yield source

Digital Credit

Underlying

USDat

Category

stable-PT

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

6.36%

Net borrow APY

5.81%

Max leverage

11.4x

Default leverage

10.5x → 11.59% APY

Leverage ladder

1x 6.36% · 2x 6.91% · 3x 7.46% · 4x 8.01% · 5x 8.56% · 6x 9.11% · 7x 9.66% · 8x 10.21% · 9x 10.76% · 10x 11.31% · 11x 11.86% · 11.4x(max) 12.08%

Oracle type

nav

Exit slippage

$100k 0.00% · $500k 0.02% · $1M 0.04% · $5M 5.76% · $10M 52.15%

as-of 2026-08-14T07:18:50.132Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

Saturn website · All strategies