| Strategy STRC Dividend-backedYield-bearing option $6.4B snapshot | 7.7/10 | Variable-rate perpetual preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a variable 11.50% annual dividend in the current Strategy snapshot. | STRC base dollar only | Brokerage-traded Nasdaq preferred with comparatively deeper Digital Credit liquidity. | Issuer credit, dividend policy, market-price volatility, and no direct BTC collateral claim. |
| Strategy STRD Dividend-backedYield-bearing option $1.4B snapshot | 6.1/10 | Long-duration high-yield preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% annual dividend. | STRD base dollar only | Brokerage-traded Nasdaq preferred with higher-yield, longer-duration framing. | Non-cumulative dividend risk, issuer credit, and deeper price sensitivity under stress. |
| Strategy STRK Dividend-backedYield-bearing option $1.4B snapshot | 6.6/10 | Convertible perpetual preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is an 8.00% fixed annual dividend. | STRK base dollar only | Brokerage-traded Nasdaq preferred with common-equity conversion exposure. | Issuer credit plus conversion-linked MSTR equity exposure; not a low-volatility dollar product. |
| Strategy STRF Dividend-backedYield-bearing option $1.3B snapshot | 7.4/10 | Senior perpetual preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% fixed annual dividend. | STRF base dollar only | Brokerage-traded Nasdaq preferred with senior-most Strategy preferred framing. | Issuer credit, preferred-stack terms, missed-dividend mechanics, and market-price liquidity. |
| Strategy STRE Dividend-backedYield-bearing option $715.1M snapshot | 5.6/10 | Euro-denominated perpetual preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% annual dividend on a EUR stated amount. | STRE base dollar only | LuxSE-listed preferred exposure with EUR denomination and thinner public product history. | Issuer credit plus currency, venue, liquidity, and newer-issuance complexity. |
| Apyx apxUSD Dividend-backedYield-bearing option $191.9M snapshot | 5.9/10 | Overcollateralized dividend-backed stablecoin | Offchain STRC-style preferred-share collateral with protocol overcollateralization. | apxUSD base + apyUSD wrapper | You may need issuer-specific redemption or secondary liquidity to exit. | Offchain custody, partner dependency, and policy-based peg behavior. |
| River satUSD Reserve-backedYield-bearing option $158.4M snapshot | 6.1/10 | Overcollateralized omni-CDP stablecoin | BTC plus ETH, BNB, and LST collateral inside a cross-chain CDP system. | satUSD base + satUSD+ wrapper | Redeemable for collateral, but still dependent on bridge, oracle, and liquidation plumbing. | Mixed collateral and cross-chain complexity can matter more than the headline peg. |
| Hermetica USDh Reserve-backedYield-bearing option $9.4M snapshot | 6.2/10 | Bitcoin-backed synthetic dollar | Spot BTC paired with a short perpetual hedge to maintain dollar exposure. | USDh base + sUSDh wrapper | Synthetic-dollar exit path depends on exchanges, hedges, and reserve-fund operations. | Exchange, hedge-execution, and funding-rate dependence are central risks. |
| Apyx apyUSD Dividend-backedYield-bearing option Not published snapshot | 5.6/10 | ERC-4626 yield-bearing Digital Credit vault token | Underlying apxUSD plus Apyx collateral stack tied to DAT preferred-share dividend flows. | apxUSD base + apyUSD wrapper | Redeem to apxUSD through an asynchronous request, cooldown, and claim process. | Yield-wrapper liquidity, cooldown timing, jurisdiction restrictions, and offchain collateral dependence. |
| Saturn sUSDat Dividend-backedYield-bearing option Not published snapshot | 5.0/10 | STRC-backed staked dollar yield wrapper | Saturn says sUSDat is backed 100% by Digital Credit, specifically STRC. | USDat base + sUSDat wrapper | Exit depends on unstaking, Saturn app mechanics, and available USDat or market liquidity. | Wrapper risk, STRC exposure, app dependency, and less mature public proof than direct Strategy securities. |