How to Earn STRC Yield on Mezo

Strategy Inc. is a Nasdaq-listed company that currently holds 843,775 BTC. Strategy finances its Bitcoin strategy through a capital structure that includes debt, common stock, and several classes of preferred equity. One of those securities is STRC (Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock).

Saturn is a structured-finance protocol that issues USDat, a stablecoin backed by tokenized U.S. Treasury bills, and sUSDat (staked USDat). The reserves supporting sUSDat are allocated to STRC.

Mezo now supports an MUSD/sUSDat liquidity pool. sUSDat gives Mezo users onchain access to STRC’s economic performance, as well as earnings from swap fees and emissions.

How it works on Mezo

The MUSD/sUSDat pool is live and available.

To provide liquidity, a wallet must hold both MUSD and sUSDat, as well as BTC to pay transaction fees on Mezo. Mezo users can obtain sUSDat on Mezo by either depositing it directly or swapping for it through the Mezo swap modal.

Add liquidity by entering proportional amounts of either asset. The system automatically calculates the required amount of each asset. After the relevant token approvals are completed, both assets are deposited, and LP tokens are issued to the wallet. These tokens represent the holder’s proportional share of the pool. Mezo’s pool guide explains the full deposit process.

Liquidity providers receive a proportional share of the fees generated by swaps. Fees accrue in MUSD and sUSDat. They are held separately from the pool’s reserves and can be claimed without unstaking the LP position. Fees do not compound automatically. Mezo’s fee documentation provides further detail.

LP tokens may also be staked in the pool’s gauge. Staked positions continue to receive swap fees and may receive MEZO emissions based on the votes directed to the gauge during each weekly epoch. To exit, staked LP tokens must first be unstaked. Removing liquidity then burns the LP tokens and returns the holder’s proportional share of MUSD and sUSDat.

What is STRC

STRC is perpetual preferred equity issued by Strategy and currently pays a variable 12%. Strategy may adjust the rate monthly at its sole discretion, though the mechanics of the STRC make it so the company can increase the rate to support STRC’s market price near its $100 par value. It can also reduce the rate by up to 25 basis points per month. Strategy determines when distributions are paid (currently bimonthly). Unpaid distributions continue to accrue, but holders cannot demand payment by a specific date.

STRC has traded below its $100 par value during 2026. Its market value can decline even while distributions continue to accrue. Thesis published a detailed analysis of STRC’s structure and risks.

It is important to note that STRC is unsecured preferred equity. It is issued by a company with a substantial Bitcoin treasury, but it is not collateralized by specific Bitcoin held by Strategy.

USDat and sUSDat

USDat is a dollar-denominated stablecoin issued by Saturn and backed by tokenized U.S. Treasuries. sUSDat is the ERC-4626 vault token received when USDat is deposited into Saturn’s staking vault. Saturn allocates the corresponding reserve assets to STRC.

Dividends received from STRC are reflected in the exchange rate between sUSDat and USDat. The quantity of sUSDat held does not increase. Instead, each unit of sUSDat becomes redeemable for a larger amount of USDat as dividends are passed through. sUSDat does not rebase. If the market value of STRC declines, the value of sUSDat can decline accordingly. STRC dividends are variable and do not protect sUSDat holders from a reduction in principal value.

USDat and sUSDat launched in 2026 and currently hold a market cap of $108.87m .

Available to eligible participants outside the United States. Not an offer or solicitation where prohibited. Yield is variable and not guaranteed. STRC distributions are payable when, as, and if declared. sUSDat tracks the value of its STRC reserves and can decline. This post describes protocol mechanics and is not financial, legal, or tax advice.

The materials are provided for informational and illustrative purposes only, and may not be complete. The materials contain forward-looking statements regarding future events, milestones, development, and utility. Such statements are based on current expectations and assumptions and are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. The materials do not constitute, and should not be construed as, financial, investment, or legal advice. Digital assets are highly volatile assets with no guaranteed value, utility, or performance. Participation involves significant risk, including but not limited to price volatility, technological vulnerabilities, and liquidity risk, which may result in partial or total loss of funds. Participants must conduct their own due diligence on all relevant matters and seek advice from legal, tax, or financial advisors regarding the risks and consequences of participation. All actions taken are done so at your own risk.