Structured Finance on Digital Credit

Powered by Bitcoin

First gold.
Then sovereign.

Now Bitcoin - the first global, verifiable collateral base for the future of credit.

Bitcoin’s Next Transformation is Digital Credit

Process

How it works

01 - Access

02 - Amplify

03 - Verify

001

Access

Access structured finance products

purpose-built for digital credit.

For Liquidity

USDat

A stablecoin backed 100% by tokenized U.S. Treasury Bills.

Used for permissionless and instant access to digital credit.

Saturn App

For Digital Credit

sUSDat

The staked version of USDat backed 100% by digital credit (current STRC).

As digital credit dividends accrue, sUSDat price increases.

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24/7

Borderless access

$100M+

strc average daily volume

$8.5 BN

digital credit market size

Backed By the Best

Opportunity

The Digital Credit Market

The future of finance runs on the credit layer backed by Bitcoin.

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Learn

Understand Digital Credit

Saturn Adopts Chainlink CCIP

Saturn Adopts Chainlink CCIP Following Extensive Security Review To Unlock the Onchain Distribution of Strategy’s STRC Bitcoin-Backed Digital Credit

Strategy's Stretch (STRC) Product

Saturn Labs is building a stablecoin protocol backed by Bitcoin Credit, where investors can underwrite risk in real time and actively monitor their collateral and credit health.

FAQ

Frequently Asked Questions

What is Bitcoin Credit?

Bitcoin credit is a new class of credit where Bitcoin is used as collateral to raise debt or equity, usually with the intent of purchasing more Bitcoin. Digital Asset Treasury Companies (DATs) use Bitcoin credit because they can borrow cash at a relatively low cost of capital, acquire Bitcoin that has historically appreciated 20–30% annually, and capture the spread as profit.

What is USDat?

USDat is a non-yielding stablecoin backed 100% by U.S. Treasuries. The distributions from U.S. Treasuries is not passed to USDat holders.

What is sUSDat?

sUSDat functions as a non-discretionary, programmatic custodial receipt for Strategy’s Bitcoin-credit instrument, STRC. sUSDat also accumulates a discretionary portion of USDat’s U.S. Treasury Bill distributions.

What are the risks?

https://yielding-calendula-579.notion.site/sUSDat-STRC-Risk-Analysis-4a5723f942ca82fabafe811ebfcedcf2?pvs=73

What makes this model different?

Saturn is built on three core principles: 1. Programmatic, pass-through distributions from a Nasdaq-listed instrument: sUSDat is a non-discretionary, programmatic custodial receipt for STRC, Strategy's preferred equity. All distributions are a direct, variable pass-through of STRC dividend payments. 2. Scalable capacity, unconstrained by on-chain liquidity: the strategy scales to $10B+ TVL. STRC distribution rates should not compress with protocol growth. Capacity is limited only by Strategy's ability to issue additional STRC. 3. Permissionless, publicly verifiable risk: risk is globally underwritable. NAV, STRC holdings, oracle pricing, and withdrawal queue status are all publicly observable via Saturn's transparency dashboard. Withdrawals trigger an automated smart contract queue that liquidates STRC on Nasdaq secondary markets; value fluctuates based on spot market execution prices.

How are the returns generated?

sUSDat distributions come from holding STRC, Strategy's preferred equity. 1. Strategy raises capital, pays STRC holders a variable monthly dividend, and uses that capital to purchase Bitcoin, which has historically appreciated at 20-30% CAGR. 2. The spread between Bitcoin appreciation and the dividend cost makes the structure sustainable. Additional coverage comes from MSTR equity issuance, a cash reserve, and Bitcoin sales as a final backstop. 3. Saturn passes STRC dividends through directly to sUSDat holders - a variable, programmatic pass-through of Nasdaq-listed STRC distributions, not generated or managed by Saturn. U.S. Treasury distributions also accrue on a discretionary basis.

Why purchase sUSDat over STRC?

1. sUSDat accrues STRC distributions plus discretionary Treasury distributions and token incentives 2. DeFi enables composability including variable and fixed rate, capital effieicient, and tranched markets on STRC. 3. Global access excluding the U.S. , EEA, and OFAC-sanctioned countries. Full details in Terms and conditions.

Built on digital credit

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Saturn a structured finance protocol on digital credit.

Available to eligible participants outside the United States. Not an offer or solicitation where prohibited. Distributions are variable and not guaranteed.

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