ChainCatcher reported that Strategy founder Michael Saylor published a post this morning introducing the concept of a “modern digital asset stack.” In his view, Bitcoin is not only digital capital, but will also become the underlying foundation for financial products such as digital credit, digital money, digital yield and digital equity.
Bitcoin as the base layer for multiple financial products
Saylor framed Bitcoin as an asset that can move beyond a single-purpose role and become part of a global financial architecture. He said this development does not require changes to the Bitcoin protocol, staking, or additional issuance. Instead, he argued that Bitcoin’s volatility can be transformed into yield-oriented products through capital structures.
Among the product forms he mentioned, digital credit represented by STRC-like products can provide yield. For digital money, Saylor said a stable-value instrument with an estimated yield of about 6%-8% can be built by combining Bitcoin-backed credit assets with cash equivalents. These product categories sit within the same digital asset stack described in his post.
Innovation placed above the protocol layer
Saylor also said that stablecoins, payment networks, wallets, exchanges and DeFi protocols can operate on Bitcoin-backed capital structures in the future. Under this framework, investors with different risk preferences could access digital capital, yield products and stable-value assets through financial layers built around Bitcoin.
He stressed that Bitcoin will continue to maintain its fixed supply cap of 21 million coins. In his view, most innovation should take place at the levels of custody, securities, credit, payment systems and capital markets, rather than through changes to the Bitcoin protocol itself.
Saylor summarized the idea by stating: “Bitcoin is digital capital, and the world will build a financial system on top of Bitcoin.”