MNKN
Dashboards / Pendle / sUSDat
sUSDat
MonadMatures 14 Jan 2027, 77 daysUnderlying sUSDat at $1.052
Implied APY
14.06%
fixed rate to maturity
Underlying APY
22.75%
-8.70 pts implied minus underlying
Max APY (LP)
20.95%
Liquidity
$1.91M
TVL
$5.28M
24h volume
$191.2K
Implied 14.06% against 22.75% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$5.28M locked in this market
Market TVL, USD, daily
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
The collateral
The underlying asset is the risk in a Pendle position. What backs sUSDat, in Pendle's words and ours.
Class Exotic synthetic (DAT / variable-rate preferred backing)pointsrwastrcsaturn
What it is
sUSDat is Saturn's yield-bearing vault token built on the ERC-4626 standard. It represents a user's share of a managed pool of digital credit exposure, where yield is generated from Saturn's STRC holdings and passed through to stakers automatically.
Insights page for Saturn here.
YT-sUSDat is suceptible to negative yield when STRC depegs from $100. Learn more about YT-sUSDat mechanics here.
Quirks
This market has no special quirks
Risk involved
sUSDat will face negative yield when:
- Price Volatility: sUSDat tracks STRC’s live market price. Sharp STRC price drops (historically 3–6%) can outweigh dividend accrual, causing a net NAV decline.
- STRC Peg Breaches: Stress, illiquidity, or BTC crashes can push STRC below its $99–$101 range.
- Dividend Risk: Discretionary dividends may be deferred during BTC collapses, crashing STRC's market value which leads to net NAV decline.
- Technical Risks: Oracle lags can cause abrupt NAV "step-downs," and large redemptions may trigger 1–5% market impact losses.
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.