Michael Saylor: Building a digital credit system with Bitcoin as the underlying asset, which may lead to the emergence of new digital currencies in the future

Crypto World News: Strategy Executive Chairman Michael Saylor delivered a speech at the Strategy World 2026 conference on the theme of “Digital Credit,” outlining his vision for a layered digital financial system centered around Bitcoin. He proposed that the first layer of this system is “Digital Capital,” which is Bitcoin itself; the second layer is “Digital Credit,” referring to financial instruments issued based on Bitcoin, such as the perpetual preferred stocks STRC, STRK, STRF, STRD issued by Strategy, aiming to provide an annualized return of about 10% while reducing direct Bitcoin volatility; the third layer is “Digital Money,” which includes stablecoins and payment tools derived from the above financial products, such as USDat, a stablecoin issued based on STRC and U.S. Treasury bonds. Saylor stated that both digital credit and digital money are backed by Bitcoin as the underlying asset, differing from fiat currency systems issued based on national credit, with their returns relying on the long-term performance of Bitcoin prices.