Saturn Labs is a stablecoin protocol built on Bitcoin digital credit. It operates through a dual-token system: USDat, a stablecoin backed by tokenized U.S. Treasuries, and sUSDat, a staked version that accrues yield from exposure to digital credit instruments — initially Strategy's STRC preferred equity. The protocol targets 11%+ yield by combining Treasury backing with Bitcoin credit exposure, without lending or direct Bitcoin collateralization.