Michael Saylor: The digital credit ecosystem uses Bitcoin as the underlying asset, and in the future, it will generate a truly 'digital currency' According to Foresight News, Michael Saylor, Executive Chairman of Strategy, delivered a speech on the topic of Digital Credit at Strategy World 2026. Michael Saylor described a digital financial system with Bitcoin as the underlying asset in his speech. \In this system, the first layer of digital capital is Bitcoin itself; The second layer of digital credit refers to financial products issued with Bitcoin as the underlying asset, such as Stratergy's perpetual preferred stocks STRC, STRK, STRF, STRD, etc. These assets reduce the risk and volatility of directly holding Bitcoin, and can obtain stable annualized returns of around 10%; The third layer of digital money refers to the stable currency and payment instruments derived from the second layer of financial products. For example, Saturn issues the stable currency USDat based on STRC and US treasury bond bonds. \Digital credit is a new concept that Michael Saylor has publicly expressed multiple times since the end of 2025. He believes that digital credit and digital currency are financial products and new forms of currency derived entirely from Bitcoin, which are different from traditional fiat currencies issued based on national credit. The profits of financial products and the "interest" of currency will all come from the rise in Bitcoin prices.