Access to Strategy's 11% Bitcoin Dividends Without Owning the Stock via New Token

Saturn is developing a new on-chain dollar product, USDat, that routes yield from Strategy’s Bitcoin-linked credit instruments into DeFi. The token aims to offer an 11% annualized return, sourced from Strategy’s preferred stock, STRC, which is listed on Nasdaq.

This model differs from traditional yield-bearing stablecoins, as it uses public-market credit exposure instead of short-term U.S. Treasuries as backing.

The structure allows users to earn yield on the token without owning Strategy’s stock. STRC currently pays a monthly dividend that resets to maintain near-par trading at $100. This yield structure is significantly higher than traditional cash benchmarks, such as U.S. three-month Treasury bills, which currently offer around 3.6%.

Saturn has secured $500,000 from YZi Labs and $300,000 from an angel round led by Sora Ventures. These funds support the launch of USDat as a digital asset that can be held and used within DeFi protocols.

Why Did This Happen?

The product is designed to bridge traditional finance and blockchain by using Strategy’s Bitcoin-backed credit structure. STRC’s dividend payouts are supported by Bitcoin-linked financing and securities issuance, which Saturn then converts into tokenized dollar liabilities.

The yield is not derived from on-chain interest rates but from Strategy’s ability to sustain preferred dividends. This creates a layered design that relies on Bitcoin’s price stability and Strategy’s capital structure.

The market for tokenized Treasuries has grown rapidly, reaching around $8.86 billion in total value, according to RWA.xyz. Meanwhile, stablecoins have expanded into mainstream financial infrastructure, with over $300 billion in circulation globally.

How Did Markets React?

Saturn’s model introduces a new class of digital assets that carry exposure to credit, liquidity, and issuer risk. Unlike traditional stablecoins that focus on cash-equivalent use cases, USDat aims to offer differentiated risk-return profiles by tapping into public-market credit.

The product also faces regulatory scrutiny as yield-bearing tokens increasingly intersect with traditional financial instruments like money-market funds and broker cash sweeps. Banks and lawmakers are pushing for restrictions on such tokens, with concerns they might function as unregulated deposit substitutes.

What Are Analysts Watching Next?

Saturn’s growth is tied to Strategy’s issuance capacity and market conditions. The firm has raised $2.47 billion through an IPO and an additional $4.2 billion via at-the-market programs. Scaling USDat to $10 billion in liabilities would require a significant portion of available STRC supply and adequate liquidity buffers.

Bitcoin’s price volatility poses a risk to Strategy’s dividend stability. If prices drop sharply or capital markets tighten, Strategy’s ability to maintain preferred dividends could be tested. This would put pressure on any token assuming par stability.

Policy risks add another layer of uncertainty. U.S. lawmakers recently delayed a crypto market-structure bill, with language potentially restricting interest paid on stablecoins. If regulatory frameworks like the GENIUS Act limit passive yield on stablecoins, issuers may need to pivot to tokenized securities or restrict returns to active holders.

Investors back Saturn as a bridge between public-market Bitcoin credit and on-chain finance. Sora Ventures founder Jason Fang highlighted the project’s potential to connect institutional credit products with DeFi infrastructure. Saturn co-founder Kevin Li aims to scale transparent yield distribution into the billions of dollars.