Yield trading protocol Pendle has expanded onto the Monad blockchain with srUSDat, the senior tranche of Saturn’s structured credit stack, now available as fixed-yield markets for on-chain investors.
The launch happened around June 19, 2026, and the market responded immediately. Pendle crossed $51 million in Total Value Locked within ten days, racked up $22 million in trading volume in the first week alone, and has since climbed past $111 million in TVL, placing it among the top protocols on the Monad chain.
What srUSDat actually is
srUSDat is the senior slice of Saturn’s USDat and sUSDat yield-bearing token system. Senior tranche investors receive fixed yields and retain principal protection until the junior tranche has absorbed losses entirely.
The underlying exposure runs through STRC, which represents Strategy’s cumulative perpetual preferred equity. That connects the yield to Bitcoin-related corporate credit, a real-world asset category. Pendle’s tokenization of this exposure gives on-chain users a way to access that yield stream without navigating traditional brokerage infrastructure.
