Get access to Strategy’s 11% Bitcoin dividends without owning the stock through this new token

Crypto startup Saturn is raising funds for USDat, an on-chain dollar product that channels yield from Strategy's Bitcoin-linked credit instruments into DeFi. USDat is designed as a dollar-denominated token whose returns are linked to Strategy’s STRC preferred equity, which currently pays an annualized dividend of 11%. Saturn is positioning USDat as a tokenized credit wrapper rather than a traditional stablecoin backed solely by Treasuries, converting Strategy's dividend-paying stock into a blockchain-native asset. The yield is derived from Strategy's capital structure, which uses Bitcoin-backed financing to support STRC dividends. Saturn's structure faces risks tied to Strategy's issuance capacity and market conditions; a sharp drop in Bitcoin prices could test Strategy's ability to maintain dividends. Furthermore, regulatory scrutiny around yield-bearing dollar tokens presents policy risk, potentially impacting how products like USDat are classified and regulated.

(Source：CryptoSlate)