Michael Saylor: The digital credit ecosystem uses Bitcoin as the underlying asset, and in the future, it will produce a truly meaningful "digital currency."

Strategy Executive Chairman Michael Saylor delivered a speech on the theme of 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 of Digital Capital is Bitcoin itself; the second layer of Digital Credit consists of financial products issued with Bitcoin as the underlying asset, such as the perpetual preferred stocks STRC, STRK, STRF, STRD issued by Strategy. These assets reduce the risks and volatility associated with directly holding Bitcoin and can yield a stable annual return of around 10%; the third layer of Digital Money includes stablecoins and payment tools derived from the second layer financial products, such as the stablecoin USDat issued by Saturn based on STRC and U.S. Treasury bonds.

Digital Credit is a new concept that Michael Saylor has publicly expressed multiple times since the end of 2025. He believes that Digital Credit and Digital Money are entirely financial products and new currencies derived from Bitcoin, distinct from traditional fiat currencies issued based on national credit. The returns on financial products and the "interest" of the currency will all come from the appreciation of Bitcoin's price.