Saturn PT-USDat Loop Vault

aPTUSDat · USDC · Monad · live since Jul 27, 2026

Curated byHyperithm

This is an auto-looping vault for PT-USDat, the Pendle Principal Token of Saturn's USDat. It provides depositors with leveraged exposure to PT-USDat's fixed yield to maturity. The vault inherits the risks of USDat and its underlying strategy, including management and execution risk, counterparty risk, constraints on USDat redemption and liquidity, and smart contract risk. It also carries PT price volatility prior to maturity and PT liquidity risk, and introduces additional risks from its use of an isolated lending market, such as on-chain lending risk, oracle or market misconfiguration, and collateral liquidation. Returns are driven by the spread between PT-USDat's fixed yield and the USDC borrowing cost, multiplied by the leverage factor. Because the asset-side yield is fixed at entry while the borrowing cost floats, an increase in USDC borrow rates compresses or inverts the spread and amplifies losses. The vault is not tied to a single maturity. As the PT held by the vault approaches maturity, the position is rolled into a subsequent maturity to continue the strategy. Withdrawals are processed in one of two ways. Where the PT held is close to maturity, withdrawal requests are settled at maturity, with the PT redeemed at par and no market slippage. Where time remains until maturity, withdrawals are processed by selling PT on the Pendle AMM, executed in tranches according to available liquidity in order to avoid unfavourable pricing. In this case, processing may take up to two months, though it is expected to complete within one to two weeks in most cases. Withdrawal wait times will therefore not exceed the earlier of the PT's maturity date or two months. Deleveraging depends on USDC liquidity in the relevant Morpho market and PT-USDat liquidity on the Pendle AMM. If liquidity is constrained, processing may be delayed.