Michael Saylor: The digital credit ecosystem, with Bitcoin as the underlying asset, will create a truly meaningful "digital currency" in the future.

ChainCatcher News, Strategy Executive Chairman Michael Saylor delivered a speech on Digital Credit at Strategy World 2026. In his speech, Michael Saylor outlined a digital financial system based on Bitcoin as the underlying asset.

In this system, the first layer, Digital Capital, is Bitcoin itself; the second layer, Digital Credit, consists of financial products issued with Bitcoin as the underlying asset, such as Strategy’s perpetual preferred stocks STRC, STRK, STRF, STRD, etc. These assets reduce the risks and volatility associated with directly holding Bitcoin and offer a stable annual return of around 10%; the third layer, Digital Money, includes stablecoins and payment tools derived from the second layer financial products, such as Saturn, which issues USDat stablecoin based on STRC and U.S. Treasury bonds.

Digital Credit is a new concept that Michael Saylor has publicly expressed multiple times since late 2025. He believes that Digital Credit and digital currencies are entirely based on financial products and new currencies derived from Bitcoin, unlike traditional fiat currencies issued based on national credit. The returns on these financial products and the “interest” on the currencies will all come from the appreciation of Bitcoin’s price.