Cryptocurrency startup Saturn is elevating funding for USDat, an on-chain greenback product that channels yield from the technique’s Bitcoin-linked credit score merchandise into DeFi.
The spherical features a $500,000 angel increase from YZi Labs and a $300,000 angel increase led by Sora Ventures, with Saturn positioning USDat as a dollar-denominated token with returns tied to the technique’s STRC most popular inventory.
STRC is a Nasdaq-listed perpetual safety that at the moment pays out month-to-month dividends at an annual price of 11%, in line with Technique.
Fairly than structuring USDat as a standard yielding 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
This construction transforms Technique’s dividend-paying most popular inventory right into a digital asset that may be held, transferred, and in the end used inside DeFi protocols.
This method makes Saturn extra like a tokenized credit score wrapper than a stablecoin backed solely by short-term U.S. Treasuries.
STRC, a technique internally branded as “Stretch,” is designed to commerce close to its $100 par worth by way of month-to-month dividend resets and adjusts its dividend to stabilize secondary market costs.
The technique has a present dividend price of 11.00% every year, which is considerably above frequent money benchmarks.
The yield on three-month U.S. Treasury payments was about 3.6% as of mid-January 2026, in line with Buying and selling Economics.
In keeping with RWA.xyz, tokenized authorities bond merchandise registered round 3.1% within the first seven days of January.
That hole is the middle of Saturn’s pitch.
This yield comes not from increased on-chain rates of interest, however from Technique’s publicity to its capital construction and talent to take care of most popular dividends by way of Bitcoin-backed financing and securities issuance.
On this construction, Bitcoin worth actions have an effect on Technique’s steadiness sheet, supporting STRC’s dividends, that are then directed into greenback debt tokenized by Saturn.
Saturn’s personal messages replicate this hierarchy, though they don’t seem to be all the time constant.
How Saturn turns technique publicity into tokenized yield
One Saturn explainer distinguishes between USDat, initially described as a liquidity-focused greenback token backed by tokenized U.S. Treasuries, and sUSDat, a staking variant that earns yield from STRC.
On the identical time, Saturn’s homepage immediately promotes USDat as providing “above 11% yield,” compressing the excellence between cash-like publicity and credit-backed returns.
This construction is in keeping with the broader transition of the digital greenback market to a differentiated stage of danger and return.
Whereas cash-equivalent stablecoins will proceed to serve cost and settlement use instances, portfolio-backed greenback tokens convey clear publicity to credit score, liquidity, and issuer danger.
Saturn is making an attempt to occupy that second class, utilizing Bitcoin and treasury firm credit score as a yield engine.
The macro context makes the distinction extra pronounced.
In keeping with RWA.xyz, tokenized authorities bonds have grown to a complete of roughly $8.86 billion, indicating the fast adoption of on-chain money equivalents.
On the identical time, stablecoins have expanded into mainstream monetary plumbing.
There are at the moment over $300 billion of stablecoins in circulation all over the world, and Visa and different incumbents are integrating stablecoin funds into their present cost rails.
As stablecoins start to supply yield moderately than simply transactional utility, they’ll more and more intersect with merchandise resembling cash market funds, dealer financing, and short-term credit score automobiles.
This convergence has drawn regulatory scrutiny, notably relating to whether or not higher-yielding greenback tokens can function an alternative to unregulated deposits.
Saturn’s progress depends upon Technique’s issuance capabilities and market circumstances.
Saturn’s enlargement ambitions are carefully tied to the technique’s skill to challenge.
Technique’s STRC preliminary public providing raised roughly $2.47 billion, which was subsequently supplemented by a $4.2 billion market program, in line with firm disclosures.
Whereas this gives billions in potential float, it additionally imposes a structural cap on the quantity of STRC-backed digital credit score that may be issued with out leverage.
Reaching $10 billion in Saturn issued debt will possible require a major proportion of the obtainable STRC provide, together with a liquidity buffer to handle redemptions in occasions of market stress.
This dependency turns into extra pronounced in unfavorable eventualities.
If Bitcoin costs plummet and capital markets tighten, the technique’s skill to take care of its most popular dividend by way of continued issuance could possibly be examined.
If STRC trades considerably under par, wrappers assuming stability close to par will face protection strain upon redemption except they’re overcollateralized.
Coverage dangers add additional uncertainty
U.S. lawmakers have simply delayed progress on a digital forex market construction invoice that features draft language that would restrict curiosity and costs paid on stablecoins, following opposition from Coinbase.
Banking teams have additionally opposed high-yield tokens, saying they compete with insured deposits.
Frameworks such because the GENIUS Act topic stablecoin issuers with greater than $10 billion in circulation to elevated federal oversight, elevating questions on how merchandise like USDat will in the end be categorised.
These pressures can power design trade-offs.
If passive yields on stablecoins grow to be restricted, issuers might have to pivot to tokenized securities, restrict distribution, or tie income to exercise moderately than easy possession.
Regardless of these uncertainties, buyers backing Saturn envision the undertaking as an early bridge between public market Bitcoin credit score and on-chain finance.
Jason Fang, founding father of Sora Ventures, mentioned his firm backed Saturn as a result of it connects institutional credit score merchandise with DeFi infrastructure differently than present stablecoins.
Saturn co-founder Kevin Lee mentioned the protocol goals to leverage Technique’s digital credit score merchandise to scale clear yield distribution to billions of {dollars}.
As tokenized U.S. Treasuries, cost stablecoins, and high-yielding {dollars} proceed to converge, Saturn’s mannequin places public market credit score conduct, not simply DeFi mechanics, on the coronary heart of whether or not the digital greenback can maintain double-digit returns at scale.
