Ethena made its name back in the day by using ETH basis arbitrage to create a billion-dollar stablecoin. Now, some people are starting to eye Saylor's Bitcoin Carry Trade, specifically the STRC preferred shares. Recently, MicroStrategy's series of moves—selling Bitcoin for self-rescue + repurchasing STRC—has finally pulled STRC closer to its peg, bringing back the safety of related DeFi products. Ondo seized this opportunity to increase its stake in Saturn and restructured the redemption liquidity for sUSDat. Saturn's underlying logic relies on MicroStrategy issuing STRC preferred shares with an annualized yield of around 12%, backed by borrowing money to buy BTC. Saturn packages this into sUSDat and brings it on-chain. Initially, it subsidizes the stablecoin (USDat) with interest from U.S. Treasury reserves, achieving a combined APY of over 14%. Objectively speaking, STRC is essentially a soft-pegged asset issued by MicroStrategy on the U.S. stock market (recently its price has recovered to around $95-97, with $4.65 billion in cash reserves for dividends). It's not a completely risk-free, principal-protected fixed income product. However, compared to those on-chain fake yields propped up purely by token inflation, this is a credible on-chain pipeline that doesn’t require opening a U.S. brokerage account. If anyone in the space has idle funds and wants to farm, you might want to keep an eye on its rewards and liquidity situation.