Saturn has partnered with Ondo to add STRCon and other tokenized securities to its STRC-based products while securing an undisclosed strategic investment from the tokenization company.
- STRCon will become the first Ondo-issued security introduced into Saturn’s sUSDat product.
- Ondo has made a strategic investment in Saturn, although financial terms remain undisclosed.
- STRC currently carries a 12% variable annualized dividend rate and a $100 stated amount.
- Ondo Stocks and Saturn products remain unavailable to most investors in the United States.
Saturn said in an Aug. 13 X thread that the agreement would bring Ondo’s “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 STRC ticker.
Under the first planned integration, Saturn will introduce STRCon into sUSDat. STRCon is Ondo’s tokenized version of STRC and provides economic exposure to the preferred stock through blockchain-based infrastructure.
Alongside the product agreement, Ondo has made a strategic investment in Saturn. Neither company disclosed the amount invested, Saturn’s valuation, the form of the investment, or any ownership stake received by Ondo.
A rollout date was also absent from the announcement. Saturn did not identify which Ondo-issued assets could follow STRCon or provide details about how much of the sUSDat reserve could be allocated to the tokenized security.
Saturn will begin the integration with STRCon
Saturn operates two main digital assets that separate dollar liquidity from exposure to Strategy’s preferred stock.
USDat is a dollar-pegged asset backed by tokenized U.S. Treasury bills. Users can stake USDat to receive sUSDat, whose reserve is currently tied to STRC and whose value rises as dividends from the preferred shares accrue.
Rather than paying holders a fixed distribution, Saturn incorporates the income generated by its underlying assets into the exchange value of sUSDat. Its website states that returns are variable and not guaranteed.
Adding STRCon could give Saturn an onchain route to the same underlying security that already supports sUSDat. According to Ondo, STRCon tracks the economic performance of Strategy’s preferred shares but does not give token holders direct ownership of the stock.
Ondo uses the “on” suffix for securities issued through its tokenization platform. STRCon therefore refers to Ondo’s tokenized STRC product rather than another preferred security issued by Strategy.
Earlier reporting on STRC-linked DeFi products found that Saturn’s sUSDat had reached a market value of about $100 million by early June. The report also found that sUSDat had declined 3.7% during a week when the underlying preferred shares were under pressure.
Saturn has not said whether STRCon will replace any directly held STRC exposure or sit alongside existing reserve assets. Details about custody, redemption timing, and the treatment of dividends under the new arrangement also remain unavailable.
Ondo brings over 440 securities into the partnership
Ondo Stocks lists more than 440 tokenized stocks and exchange-traded funds across Ethereum, BNB Chain and Solana. The company reported roughly $1.02 billion in value held on the platform as of Aug. 13.
Each Ondo tokenized security is backed by the corresponding stock, ETF or cash held with U.S.-registered broker-dealers, according to the company. Ondo also uses an independent verification agent to review asset backing and a security agent that holds a security interest in the collateral.
Token holders receive economic exposure to price changes and reinvested dividends after applicable tax withholding. Ondo’s legal disclosures state that the tokens are not shares or ETFs and do not give holders the right to receive the underlying securities.
Minting and redemption are generally available 24 hours per day from Sunday evening through Friday evening, based on U.S. Eastern Time. On-chain transfers can occur throughout the week, although supported platforms, market conditions, and jurisdictional restrictions can affect availability.
In late July, Ondo secured FINRA approval connected to its U.S. tokenized-equity business. At the time, the company said its tokenized products had passed $2.5 billion in total value locked, while Ondo Stocks had generated more than $7 billion in cumulative trading volume.
Saturn’s announcement only identifies STRCon as the first Ondo asset intended for sUSDat. Ondo’s catalogue could allow the protocol to add other tokenized equities or funds, but neither party has named any further securities or approved portfolio allocations.
STRC carries a variable 12% dividend rate
Strategy 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, while its dividend can be adjusted under terms set out in the company’s prospectus.
After several increases, Strategy set the annualized rate at 12% for dividend periods beginning in July 2026. The company retained the same rate for August even though the preferred stock finished July more than 10% below its stated amount, as crypto.news previously reported in its coverage of the 12% STRC dividend.
Strategy said it evaluates the payout using STRC’s trading price, market yields, credit spreads, Bitcoin’s price and volatility, its U.S. dollar reserve, capital-market conditions, and the company’s capital structure. Management has recommended maintaining the rate at 12% until STRC records sustained trading near $100.
Dividend payments remain subject to declaration by Strategy’s board. The company’s public disclosures warn that the current rate does not indicate what investors will receive in future periods and that cash payments are n,ot guaranteed.
Following shareholder approval in June, Strategy also changed STRC’s dividend schedule from monthly to twice per month. Under the semi-monthly payment schedule, record dates fall on the 15th and the final day of each month, with payment made on the following record date.
Strategy CEO Phong Le said at the time that more frequent payments could improve liquidity and let shareholders reinvest their returns sooner. The first semi-monthly record date fell on June 30, followed by the first payment on July 15.
U.S. investors face access restrictions
Although STRC trades on Nasdaq and can be purchased through traditional U.S. brokerage accounts, Ondo’s STRCon product is generally unavailable to U.S. persons.
Ondo Global Markets BVI Limited issues the tokenized securities. According to Ondo’s disclosures, the tokens 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.
Eligible non-U.S. holders receive economic exposure to the underlying security rather than the shareholder rights attached to directly held STRC. Reinvested dividends may also be reduced by applicable withholding taxes before they are incorporated into the token’s total return.
Saturn applies similar geographic limits. Its website states that its products are available to eligible participants outside the United States and are not offered where local rules prohibit their distribution.
Direct STRC investors hold a cumulative preferred claim governed by Strategy’s SEC-filed terms. Strategy may adjust the dividend rate within the limits described in its prospectus, while unpaid declared dividends can accumulate additional dividends until paid.
The filing also permits Strategy to redeem STRC shares for $101 each, or a higher amount selected by the company, plus accumulated and unpaid dividends. Holders may require repurchase at the stated amount plus unpaid dividends after a qualifying fundamental change, subject to the conditions and limits contained in the prospectus.
