srUSDat Passes Its First Real Stress Test as STRC Rebounds from $74.57 What stands out isn’t that srUSDat is currently paying ~ 7.7% APY It’s that the yield remained relatively stable even while the underlying experienced significant volatility In late June, $STRC fell to $74.57, nearly 25% below its $100 reference value, before recovering back into the mid-$90s Meanwhile, the structure built by @strata_markets continued to operate as designed: STRC dividends → $sUSDat → Tranching > srUSDat – Senior Tranche: Prioritizes NAV protection and receives a more stable yield profile > jrUSDat – Junior Tranche: Takes on higher risk and absorbs volatility before the senior tranche The same underlying cash flow can therefore be structured into multiple risk/return layers for different types of capital This STRC stress event showed that srUSDat can maintain a genuinely stable APY even under difficult market conditions, while demonstrating how Digital Credit can build an onchain risk curve designed to better protect holders That’s why I’m still bullish on the direction @saturn_credit is taking.