Pendle brings srUSDat fixed-yield trading to Monad, hits $111M TVL

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.

Current pool rates reflect the senior tranche’s risk profile. Live srUSDat and sUSDat pools on Pendle show fixed APYs around 15.54% on a 160-day sUSDat maturity, with broader market options showing fixed yields in the 13-15% range across pools maturing in August 2026 and January 2027.

Pendle’s Monad expansion in context

Pendle’s core mechanic splits any yield-bearing token into two components: a Principal Token, which trades like a zero-coupon bond and can be redeemed at face value at maturity, and a Yield Token, which captures all the floating yield upside. This split lets one investor lock in a fixed rate while another speculates on yield movements, and both trade freely in Pendle’s automated market maker.

Saturn has added incentives to deepen liquidity. The protocol rolled out double points for participants in Pendle’s USDat and sUSDat markets on Monad during August 4 through 13, 2026, alongside MON token rewards targeted specifically at Yield Token positions.

Users interacting with these markets have multiple strategic options. Liquidity providers can deposit into the pool and earn trading fees plus the incentive stack. Yield Token buyers take on leveraged exposure to rate movements. Principal Token buyers lock in the fixed rate. Each strategy appeals to a different risk tolerance without requiring any of them to leave the on-chain environment.