Saturn credit hit $205m TVL in 10 weeks. 127% growth in 30 days. $100m deployed through pendle in under a month. impressive until you look at what's underneath. 45% of USDat backing is STRC, a perpetual preferred equity instrument collateralized by one company's $BTC holdings. strategy. on june 3 strategy sold $2.5m BTC and sUSDat depegged to $0.82. recovered to $0.95 in hours but the mechanism was exposed. your 11.5% yield on sUSDat is a leveraged single-name credit bet dressed up as diversified institutional infrastructure. strategy's CEO admitted the realistic forced selling scenario is 2028 when $3.5b in converts mature at $400+ strike. if BTC is below that number saturn's entire yield structure gets stress tested for real. the pendle fixed rate markets at 14.2% are pricing in zero probability of sustained dividend disruption. that's a mispricing worth watching closely.