Get access to Strategy’s 11% Bitcoin dividends without owning the stock through this new token
Crypto startup Saturn is elevating funding for an on-chain greenback product, USDat, that routes yield from Strategy’s Bitcoin-linked credit score devices into DeFi.
The spherical included $500,000 from YZi Labs and a $300,000 angel increase led by Sora Ventures, as Saturn positions USDat as a dollar-denominated token whose returns are tied to Strategy’s STRC most popular fairness.
STRC is a Nasdaq-listed perpetual safety that at the moment pays an annualized dividend of 11% distributed month-to-month, in accordance to Strategy.
Rather than framing USDat as a standard yield-bearing stablecoin, Saturn is packaging public-market credit score publicity right into a blockchain-native format.
Saturn’s USDat turns Strategy-linked yield right into a blockchain-native asset
The construction converts Strategy’s dividend-paying most popular stock right into a digital asset that may be held, transferred, and finally used inside DeFi protocols.
The method locations Saturn nearer to a tokenized credit score wrapper than to stablecoins backed solely by short-term U.S. Treasuries.
Strategy’s STRC, branded internally as “Stretch,” is designed to commerce close to $100 par through month-to-month dividend resets, with the firm adjusting payouts to stabilize secondary-market pricing.
Strategy lists the present dividend charge at 11.00% annualized, a degree that stands properly above prevailing money benchmarks.
U.S. three-month Treasury payments yielded about 3.6% in mid-January 2026, in accordance to Trading Economics.
Tokenized Treasury merchandise tracked roughly 3.1% over seven days as of early January, in accordance to RWA.xyz.
That hole is central to Saturn’s pitch.
The yield doesn’t come from larger on-chain rates of interest, however from publicity to Strategy’s capital construction and its skill to maintain most popular dividends through Bitcoin-backed financing and securities issuance.
In this construction, Bitcoin worth volatility feeds into Strategy’s steadiness sheet, which helps STRC’s dividends, which Saturn then channels into tokenized greenback liabilities.
Saturn’s personal messaging displays this layered design, although not at all times persistently.
How Saturn turns Strategy publicity into tokenized yield
One Saturn explainer distinguishes between USDat, described as a liquidity-focused greenback token initially backed by tokenized U.S. Treasuries, and sUSDat, a staked variant that earns yield sourced from STRC.
At the identical time, Saturn’s homepage markets USDat immediately as providing “11%+ yield,” compressing the distinction between cash-like publicity and credit-backed returns.
This construction aligns with a broader shift in digital greenback markets towards differentiated tiers of danger and return.
Cash-equivalent stablecoins proceed to serve funds and settlement use circumstances, whereas portfolio-backed greenback tokens introduce express publicity to credit score, liquidity, and issuer danger.
Saturn is trying to occupy that second class utilizing Bitcoin-treasury-company credit score as its yield engine.
The macro context makes the distinction extra pronounced.
Tokenized Treasuries have grown to roughly $8.86 billion in whole worth, in accordance to RWA.xyz, demonstrating speedy adoption of on-chain money equivalents.
At the identical time, stablecoins have expanded into mainstream monetary plumbing.
More than $300 billion in stablecoins at the moment are circulating globally, with Visa and different incumbents integrating stablecoin settlement into present cost rails.
As stablecoins start providing yield relatively than simply transactional utility, they more and more intersect with merchandise similar to money-market funds, dealer money sweeps, and short-duration credit score autos.
That convergence has drawn regulatory scrutiny, significantly round whether or not yield-bearing greenback tokens perform as unregulated deposit substitutes.
Saturn’s progress hinges on Strategy’s issuance capability and market situations
Saturn’s scaling ambitions are intently tied to Strategy’s issuance capability.
Strategy’s STRC preliminary public providing raised about $2.47 billion and was later supplemented by a $4.2 billion at-the-market program, in accordance to firm disclosures.
While this offers a number of billions of potential float, it additionally imposes a structural ceiling on how a lot STRC-backed digital credit score may be issued without leverage.
Reaching $10 billion in Saturn-issued liabilities would doubtless require a considerable share of obtainable STRC provide, together with liquidity buffers to handle redemptions throughout market stress.
That dependency turns into extra seen in adversarial eventualities.
If Bitcoin costs fall sharply and capital markets tighten, Strategy’s skill to keep most popular dividends through ongoing issuance may very well be examined.
If STRC have been to commerce meaningfully beneath par, any wrapper assuming near-par stability would face protection strain throughout redemptions until overcollateralized.
Policy danger provides one other layer of uncertainty
U.S. lawmakers simply delayed progress on a crypto market-structure invoice following objections from Coinbase, with draft language that might limit curiosity or rewards paid on stablecoins.
Banking teams have additionally pushed again in opposition to yield-bearing tokens, arguing they compete with insured deposits.
Frameworks similar to the GENIUS Act topic stablecoin issuers exceeding $10 billion in circulation to heightened federal oversight, elevating questions on how merchandise like USDat would in the end be categorised.
These pressures are doubtless to pressure design tradeoffs.
If passive yield on stablecoins turns into constrained, issuers may have to pivot towards tokenized securities, limit distribution, or tie returns to exercise relatively than easy holding.
Despite these uncertainties, traders backing Saturn are framing the mission as an early bridge between public-market Bitcoin credit score and on-chain finance.
Sora Ventures founder Jason Fang mentioned the agency backed Saturn as a result of it connects institutional credit score merchandise with DeFi infrastructure in a manner that present stablecoins don’t.
Saturn co-founder Kevin Li mentioned the protocol goals to scale clear yield distribution into the billions of {dollars} utilizing Strategy’s digital credit score merchandise.
As tokenized Treasuries, cost stablecoins, and yield-bearing {dollars} proceed to converge, Saturn’s mannequin locations public-market credit score conduct, relatively than DeFi mechanics alone, at the heart of whether or not digital {dollars} can maintain double-digit returns at scale.
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