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Scores verified Apr 24, 2026 – Jun 18, 2026 · market caps as of Apr 24, 2026 – May 21, 2026·14 dollar-products tracked · methodology v3.2 · stablecoin-adaptedIndependent research. No commercial relationships.Why trust Pledge →
pledge★ Risk-first · 14 products risk-ranked · v3.2 methodology
Park value in dollars — read the claim first.
14 Bitcoin-linked stablecoins and dollar-products. Yield is not Bitcoin. Stability depends on backing, controls, and exit liquidity. We sort by risk-first, not by APY.
New: Digital Credit, explained — by people who don’t issue it →Top 3 by risk scoreScores verified 2026-04-24 – 2026-06-18
1
Strategy STRCDividend-backed
Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a variable 11.50% annual dividend (current; rate is set monthly at Strategy’s sole discretion with a Monthly SOFR floor).
7.9
Risk
2
Strategy STRFDividend-backed
Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% fixed annual dividend.
7.8
Risk
3
Strategy STRKDividend-backed
Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is an 8.00% fixed annual dividend.
7.4
Risk
EDITOR'S PICK — BEST REFERENCE POINT
♦Pledge's Pick — Lowest Risk
Strategy STRC
Dividend-backed · Nasdaq / public securities markets
For: Readers trying to understand the public-market credit instruments behind the Digital Credit thesis.
7.9/10
Risk score
$10.4B
Market cap
Yield-bearing option
Yield
STRC is a listed Strategy preferred security, not a stablecoin or a redeemable Bitcoin product.
♦ Risk-first rankingHigher score = lower risk. We rank by backing source, peg design, claim ladder, exit liquidity, and counterparty exposure — never by yield.Methodology ↗
● Dollar-products · todaySee STRC review →
6.7
Median risk score
$15.3B
Total tracked market cap
10
Dividend-backed
14
Products risk-ranked
BACKING CLASSIFICATION · ALL 14 PRODUCTS
What is this really backed by?
Stablecoins look interchangeable until you read the source documents. The structural backing class matters more than the headline yield — a 13% preferred-stock dividend and a 13% protocol-yield wrapper carry very different risk profiles.
Preferred stock6 products
Direct preferred-equity claim on the issuer. Dividend backed by issuer credit + reserves.
Preferred wrapper4 products
Yield variant or wrapper layered on top of a preferred-stock claim. Adds protocol risk.
Treasuries / cash1 product
Tokenized US treasuries or cash reserves. The classic peg-aiming structure.
YIELD vs SAFETY · ALL 14 PRODUCTSHigher yield always means higher risk —
Higher yield always means higher risk —
except for the upper-right.
Each dot is one tracked product. X-axis is the current effective dividend yield. Y-axis is the Pledge score (higher = lower risk). The picture: products clustering top-right give you the most yield for the safety taken. Strategy preferreds sit there because the dividend is paid by a credit claim, not by a yield-farming engine.
Dividend-backed (Strategy preferreds)Reserve-backed (peg-first)Editor's pick (STRC)
Yield = effective dividend yield from issuer disclosures. Score = Pledge methodology v3.2.
BITCOIN-LINKED DOLLAR PRODUCTS · FULL RANKING · SCORES VERIFIED 2026-04-24 – 2026-06-18
Sorted by risk score — higher = lower risk.
Backing source and peg design carry the heaviest weights. Yield-bearing products always carry an explicit risk premium.
Yield = published headline annualized dividend rate. Reserve-backed peg products aiming at $1 show "—" because they don't publish a comparable headline. Variable on-chain yields covered on each profile page.
Why these 3 specifically?
Strategy STRCLiquidity + monthly · variable rate
+Deepest liquidity in the preferred stack ($10B+)
+Cumulative monthly dividend with SOFR floor
+~7.1× BTC cost coverage of all preferreds
−Rate set at Strategy's monthly discretion
−#2 in waterfall (junior to STRF)
−Distributions = return of capital, not qualified
Effective yield11.58%
Strategy STRFSenior-most preferred · 10% fixed
+#1 in Strategy preferred waterfall
+Fixed 10% dividend (predictable)
+Quarterly cash payments
−Smaller AUM, thinner trading liquidity
−Same issuer-credit risk as STRC
−Distributions not qualified for tax
Effective yield9.85%
Strategy STRKConvertible · MSTR equity upside
+Convertible into MSTR common stock
+8% fixed dividend while held
+Quarterly cash payments
−Highest correlation to MSTR equity (74%)
−Conversion option makes this not stable
−Most volatile of the Strategy preferreds
Effective yield10.84%
8
Risk factors
Backing source, peg design, claim ladder, exit, counterparty, governance, transparency, yield source.
0
Yield-ranked
We never sort by APY. Yield always comes with a risk premium we make explicit.
14
Products tracked
Across reserve-backed, dividend-backed, and yield-wrapped designs.
v3.2
Methodology
Stablecoin-adapted methodology, published.