陈剑Jason
陈剑Jason|4月 29, 2026 14:52
Micro Strategy announced last month that it would raise an additional $44.1 billion in funding to purchase BTC, and sought the help of 18 investment banking channels to raise funds. Perhaps the most grateful thing to the cryptocurrency circle in this cycle is Micro Strategy's help to drag down the bottom, but Micro Strategy has never raised funds in the cryptocurrency circle. As a STRC with a high dividend yield of 11.5%, it should have been introduced into the cryptocurrency circle a long time ago to develop some derivative projects RWA. The most direct way to think of is to allow users in the cryptocurrency circle to indirectly purchase STRC, enjoying a yield three times that of US bonds on the one hand, and contributing ammunition to Micro Strategy on the other hand. STRC is to some extent an algorithmic stable stock, and micro strategies forcibly control its price at $100 by raising or lowering dividends, in order to minimize the volatility of STRC. Therefore, for investors, it is a stable stock with a yield of 11.5%. In this case, by purchasing and mortgaging STRC and then minting stablecoins to distribute interest to holders, the logic is reasonable. Saturn, led by Binance, is doing this and exceeded $100 million in TVL within 20 days of its launch. Saturn adopts a dual layer stablecoin model, with the first layer being USDat, which holds 100% of US Treasury bonds but does not generate any returns. The second layer is sUSDat, which holds 100% of STRC and simultaneously receives a double stacked return of up to 14.5% on STRC and US bonds. This design is because STRC still carries risks relative to US bonds, so the returns on US bonds are transferred to STRC holders as compensation and buffer. But this design is equally beneficial for holders, as both the world's largest benchmark yield product, US Treasury bonds, and the largest benchmark yield product, STRC, can be enjoyed simultaneously. In addition, both USDat and sUSDat can be combined with Defi products such as Pendle and Morpho to adjust returns and risks.
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