Saturn Recap | June 15 - 22, 2026
$STRC experienced its sharpest drawdown to date, falling to $82.53 on June 18 before closing the week at $88.59. Despite this, @Saturn_credit's asset-isolated model performed as designed - no abnormal liquidations or bad debt.
The standout was srUSDat, which experienced zero NAV drawdown and continued paying 7.80% APY through the depeg.
STRC Outlook
Semi-monthly dividend distributions confirmed, and a 1M VWAP of $94.09 puts a 50bps coupon increase in range - two positive catalysts coming into July.
Core Metrics as of June 23
Protocol TVL: $198.40M (down ~$10M on the week)
USDat: $116.41M
- 100% backed by U.S. Treasury Bills
- Secondary price held at $1.00 throughout the drawdown
sUSDat: $88.62M
- Backed by $81.99M STRC and $6.63M USDat
- Secondary price $0.90, intraday low of $0.80 on June 18
- APY: 23.69%
- Redemption queue: $9.80M, $1-2M processed daily, no abnormal activity
srUSDat: $7.42M
- Price: $1.01
- APY: 7.80%, also unchanged rates during depeg event
- Zero NAV drawdown during depeg event
jrUSDat: $2.06M
- Price: $0.51
- APY: 19.11%
- Coverage ratio: 127.80%, recovered from a low of 114.50%
Morpho
- PT-USDat/USDC: $11.53M borrowed, $2.01M liquidity, $0 in liquidations last week
- sUSDat/AUSD: $9.13M borrowed, $1.18M liquidity, $0.75M in liquidations last week
- PT-sUSDat/USDC: $3.93M borrowed, $0.41M liquidity, $6500 in liquidations last week
- PT-USDat/AUSD: $2.11M borrowed, $0.61M liquidity, $0 in liquidations last week
- PT-srUSDat/USDC: $0.68M borrowed, $0.10M liquidity, $0 in liquidations last week
Pendle: $114.13M
- Ethereum Mainnet: $89.58M
- BNB Chain: $24.55M
Pendle APYs:
- PT-USDat APY: 7.67% (Ethereum Mainnet), 8.90% (BNB Chain)
- PT-sUSDat APY: 10.99% (Ethereum Mainnet)
- PT-srUSDat APY: 12.16% (Ethereum Mainnet)
- PT-jrUSDat APY: 16.82% (Ethereum Mainnet)
The thesis for STRCFi remains unchanged.
Onwards.
English