Key Highlights
- Saturn has partnered with Ondo Finance to integrate tokenized assets into its digital credit products.
- The initial integration will involve Ondo’s STRCon, a tokenized version of Strategy’s STRC preferred stock.
- Ondo has also made a strategic investment in Saturn, although the financial terms were not disclosed.
Saturn Foundation has partnered with Ondo Finance to integrate tokenized assets into its digital credit products, starting with STRCon, a tokenized version of Strategy’s STRC preferred stock.
According to a Thursday announcement, Ondo has also made a strategic investment in Saturn. The firms did not disclose the financial terms of the investment.
The integration will initially bring STRCon into Saturn’s sUSDat product. Saturn said further details will be provided in a future protocol upgrade announcement. The products are currently available to eligible participants outside the U.S. and European Economic Area (EEA).
Ondo’s tokenized STRC comes to Saturn
The partnership connects Ondo’s tokenized equity infrastructure with Saturn’s existing digital credit products. STRCon represents Strategy’s STRC preferred stock in tokenized form. The underlying STRC is a Nasdaq-listed preferred security issued by Strategy, whose treasury strategy is closely linked to Bitcoin.
Saturn has been using STRC as part of its digital credit structure. Its sUSDat product provides onchain exposure to STRC, while USDat is backed by tokenized Treasury assets. The new Ondo integration adds another tokenized version of the same underlying financial asset to that structure.
Saturn said its digital credit products will integrate Ondo’s tokenized equities, beginning with STRCon. The company has not yet provided technical details on how the integration will work.
STRC market value approaches $10B
The partnership comes as STRC has grown into a sizable preferred-stock market.
Data on Strategy’s STRC dashboard on August 13 showed the security trading at $95.83, up 0.54% on the day. Its market capitalization stood at approximately $9.83 billion. The dashboard showed an effective yield of 12.52% and a variable dividend rate of 12%.
STRC dashboard of August 13 at 6:06 PM UTC | Source: Strategy’s STRC
Trading volume was around $77 million, compared with a 30-day average of approximately $123.5 million. The dashboard also showed a 30-day Sharpe ratio of 4.35 and open interest of roughly $550 million.
Saturn previously added cross-chain infrastructure
The Ondo partnership follows Saturn’s adoption of Chainlink CCIP in May.
Saturn selected CCIP as its cross-chain infrastructure for distributing USDat and sUSDat across multiple networks. At the time, the company said deposits in the two products had exceeded $220 million within six weeks of launch.
The integration was relevant to STRC because Saturn uses sUSDat to provide onchain exposure to Strategy’s preferred stock. CCIP was introduced to support the distribution of those products across different blockchain networks.
STRC-linked assets expand into Solana DeFi
Saturn’s latest move also follows the introduction of STRCx to Solana-based DeFi.
In May, Kamino launched a lending market for STRCx, allowing the tokenized version of Strategy’s STRC preferred stock to be supplied as collateral and used for borrowing. The market was the first STRCx lending market on Kamino.
Kamino’s market used Chainlink-supported pricing infrastructure and applied separate risk parameters for collateral ratios and liquidations.
The development showed how tokenized versions of Strategy’s preferred stock were being incorporated into different onchain financial applications, including lending and investment products.
Ondo deal expands Saturn’s tokenized asset links
The latest partnership gives Saturn another route for incorporating tokenized traditional assets into its credit products. Ondo has built infrastructure for tokenized stocks and other real-world assets, while Saturn has focused on structured products tied to digital credit.
For now, the companies have disclosed the initial asset and product connection but have not published details on the full protocol implementation, additional supported assets or a broader rollout.
Saturn said those details will be included in a future protocol upgrade announcement.
The partnership adds to Saturn’s existing infrastructure around STRC without changing the basic structure of its current digital credit products.
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