Saturn announced on Aug. 13, 2026 that it has partnered with Ondo to bring institutional-grade tokenized assets into structured products built around Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, which trades on Nasdaq under the ticker STRC. As part of the agreement, Ondo has made an undisclosed strategic investment in Saturn.
The first planned integration will introduce STRCon, Ondo’s tokenized version of STRC, into Saturn’s sUSDat product. STRCon provides economic exposure to Strategy’s preferred stock through blockchain infrastructure, but does not give token holders direct ownership of the stock. Saturn said in an Aug. 13 X thread that the agreement would add Ondo’s ‘institutional-grade tokenized assets’ to its structured products.
Saturn operates two main digital assets: USDat, a dollar-pegged asset backed by tokenized U.S. Treasury bills, and sUSDat, a staking receipt whose reserve is currently tied to STRC and whose value rises as dividends from the preferred shares accrue. Instead of paying a fixed distribution, Saturn incorporates the income generated by its underlying assets into the exchange value of sUSDat. Returns are variable and not guaranteed.
Strategy, formerly MicroStrategy, introduced STRC in July 2025 with a $100 stated amount and an initial annualized dividend rate of 9%. Unlike a conventional bond, STRC has no maturity date and its dividend can be adjusted under terms in the company’s prospectus. After several increases, Strategy set the annualized rate at 12% for dividend periods beginning in July 2026, and retained that rate for August even though the preferred stock finished July more than 10% below its stated amount. Management has recommended maintaining the rate at 12% until STRC records sustained trading near $100. Dividend payments remain subject to board declaration and are not guaranteed. Following shareholder approval in June, Strategy changed STRC’s dividend schedule from monthly to twice per month, with record dates on the 15th and the final day of each month and payment on the following record date.
Ondo Stocks lists more than 440 tokenized stocks and exchange-traded funds across Ethereum, BNB Chain and Solana, with roughly $1.02 billion in value held on the platform as of Aug. 13. In late July, Ondo secured FINRA approval connected to its U.S. tokenized-equity business, reporting that its tokenized products had passed $2.5 billion in total value locked and Ondo Stocks had generated more than $7 billion in cumulative trading volume. Each Ondo tokenized security is backed by the corresponding stock, ETF or cash held with U.S.-registered broker-dealers, with an independent verification agent reviewing asset backing and a security agent holding a security interest in the collateral. Tokens are not shares or ETFs and do not give holders the right to receive the underlying securities; they provide economic exposure to price changes and reinvested dividends after applicable tax withholding.
Both Ondo’s STRCon product and Saturn’s products are generally unavailable to U.S. persons. Ondo Global Markets BVI Limited issues the tokenized securities, which have not been registered under the U.S. Securities Act of 1933 and cannot be offered or sold in the United States without registration or an applicable exemption. Saturn applies similar geographic limits. Minting and redemption are generally available 24 hours per day from Sunday evening through Friday evening U.S. Eastern Time, while on-chain transfers can occur throughout the week, subject to platform, market conditions and jurisdictional restrictions.
Neither company disclosed the investment amount, Saturn’s valuation, the form of the investment, or any ownership stake received by Ondo. A rollout date was also absent, and Saturn did not say whether STRCon will replace any directly held STRC exposure or sit alongside existing reserve assets. Saturn also did not identify which other Ondo-issued assets could follow STRCon or provide details about how much of the sUSDat reserve could be allocated to the tokenized security. Details about custody, redemption timing and the treatment of dividends under the new arrangement remain unavailable. Earlier reporting found that Saturn’s sUSDat had reached a market value of about $100 million by early June, and had declined 3.7% during a week when the underlying preferred shares were under pressure.
