Crypto startup Saturn is elevating funding for an on-chain greenback product, USDat, that routes yield from Technique’s Bitcoin-linked credit score devices into DeFi.
The spherical included $500,000 from YZi Labs and a $300,000 angel elevate led by Sora Ventures, as Saturn positions USDat as a dollar-denominated token whose returns are tied to Technique’s STRC most popular fairness.
STRC is a Nasdaq-listed perpetual safety that at present pays an annualized dividend of 11% distributed month-to-month, in keeping with Technique.
Relatively than framing USDat as a standard yield-bearing stablecoin, Saturn is packaging public-market credit score publicity right into a blockchain-native format.
Saturn’s USDat turns Technique-linked yield right into a blockchain-native asset
The construction converts Technique’s dividend-paying most popular inventory right into a digital asset that may be held, transferred, and ultimately used inside DeFi protocols.
The method locations Saturn nearer to a tokenized credit score wrapper than to stablecoins backed solely by short-term U.S. Treasuries.
Technique’s STRC, branded internally as “Stretch,” is designed to commerce close to $100 par by month-to-month dividend resets, with the corporate adjusting payouts to stabilize secondary-market pricing.
Technique lists the present dividend fee at 11.00% annualized, a degree that stands properly above prevailing money benchmarks.
U.S. three-month Treasury payments yielded about 3.6% in mid-January 2026, in keeping with Buying and selling Economics.
Tokenized Treasury merchandise tracked roughly 3.1% over seven days as of early January, in keeping with RWA.xyz.
That hole is central to Saturn’s pitch.
The yield doesn’t come from larger on-chain rates of interest, however from publicity to Technique’s capital construction and its capability to maintain most popular dividends by Bitcoin-backed financing and securities issuance.
On this construction, Bitcoin value volatility feeds into Technique’s stability sheet, which helps STRC’s dividends, which Saturn then channels into tokenized greenback liabilities.
Saturn’s personal messaging displays this layered design, although not at all times persistently.
How Saturn turns Technique publicity into tokenized yield
One Saturn explainer distinguishes between USDat, described as a liquidity-focused greenback token initially backed by tokenized U.S. Treasuries, and sUSDat, a staked variant that earns yield sourced from STRC.
On the identical time, Saturn’s homepage markets USDat instantly as providing “11%+ yield,” compressing the excellence between cash-like publicity and credit-backed returns.
This construction aligns with a broader shift in digital greenback markets towards differentiated tiers of threat and return.
Money-equivalent stablecoins proceed to serve funds and settlement use instances, whereas portfolio-backed greenback tokens introduce specific publicity to credit score, liquidity, and issuer threat.
Saturn is making an attempt to occupy that second class utilizing Bitcoin-treasury-company credit score as its yield engine.
The macro context makes the distinction extra pronounced.
Tokenized Treasuries have grown to roughly $8.86 billion in complete worth, in keeping with RWA.xyz, demonstrating speedy adoption of on-chain money equivalents.
On the identical time, stablecoins have expanded into mainstream monetary plumbing.
Greater than $300 billion in stablecoins are actually circulating globally, with Visa and different incumbents integrating stablecoin settlement into current cost rails.
As stablecoins start providing yield somewhat than simply transactional utility, they more and more intersect with merchandise reminiscent of money-market funds, dealer money sweeps, and short-duration credit score autos.
That convergence has drawn regulatory scrutiny, notably round whether or not yield-bearing greenback tokens perform as unregulated deposit substitutes.
Saturn’s development hinges on Technique’s issuance capability and market situations
Saturn’s scaling ambitions are carefully tied to Technique’s issuance capability.
Technique’s STRC preliminary public providing raised about $2.47 billion and was later supplemented by a $4.2 billion at-the-market program, in keeping with firm disclosures.
Whereas this offers a number of billions of potential float, it additionally imposes a structural ceiling on how a lot STRC-backed digital credit score will be issued with out leverage.
Reaching $10 billion in Saturn-issued liabilities would seemingly require a considerable share of accessible STRC provide, together with liquidity buffers to handle redemptions throughout market stress.
That dependency turns into extra seen in hostile eventualities.
If Bitcoin costs fall sharply and capital markets tighten, Technique’s capability to keep up most popular dividends by ongoing issuance might be examined.
If STRC have been to commerce meaningfully under par, any wrapper assuming near-par stability would face protection strain throughout redemptions until overcollateralized.
Coverage threat provides one other layer of uncertainty
U.S. lawmakers simply delayed progress on a crypto market-structure invoice following objections from Coinbase, with draft language that would limit curiosity or rewards paid on stablecoins.
Banking teams have additionally pushed again towards yield-bearing tokens, arguing they compete with insured deposits.
Frameworks such because the GENIUS Act topic stablecoin issuers exceeding $10 billion in circulation to heightened federal oversight, elevating questions on how merchandise like USDat would in the end be categorised.
These pressures are prone to drive design tradeoffs.
If passive yield on stablecoins turns into constrained, issuers could have to pivot towards tokenized securities, limit distribution, or tie returns to exercise somewhat than easy holding.
Regardless of these uncertainties, buyers backing Saturn are framing the mission as an early bridge between public-market Bitcoin credit score and on-chain finance.
Sora Ventures founder Jason Fang stated the agency backed Saturn as a result of it connects institutional credit score merchandise with DeFi infrastructure in a means that current stablecoins don’t.
Saturn co-founder Kevin Li stated the protocol goals to scale clear yield distribution into the billions of {dollars} utilizing Technique’s digital credit score merchandise.
As tokenized Treasuries, cost stablecoins, and yield-bearing {dollars} proceed to converge, Saturn’s mannequin locations public-market credit score habits, somewhat than DeFi mechanics alone, on the heart of whether or not digital {dollars} can maintain double-digit returns at scale.
