Digital Credit Strategy
At launch, sUSDat's digital credit exposure is 100% allocated to STRC, Strategy's preferred equity instrument. sUSDat yield is directly tied to the yield generated by STRC.
Why STRC
STRC represents the first short-term, high-yield credit instrument built on a Bitcoin. It is issued by Strategy, the largest corporate holder of Bitcoin, and pays a monthly dividend. This makes it a predictable, income-generating instrument backed by a deep and growing Bitcoin reserve.
For Saturn, STRC is the ideal starting point for digital credit exposure. It offers high yield, monthly repricing, and a liquidation preference that provides downside structure.
Structure and Mechanics
STRC is structured as perpetual preferred equity, backed by the Bitcoin held on Strategy's balance sheet.
Dividend Rate: Variable, benchmarked against the 30-day VWAP of STRC price and the one-month SOFR rate
Payment Period: Monthly
Liquidation Preference: $100 per share plus accrued dividends
Liquidity: Tradeable on the Nasdaq
Dividend Adjustment
Dividends are reviewed monthly. Strategy adjusts the rate to keep STRC trading near par ($99 to $101).
< 95
+50 bps or more
95 – 98.99
+25 bps or more
99 – 100.99
±25 bps discretionary
≥ 101
–25 bps or more
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