Ondo Tokenizes Strategy’s STRC Preferred Stock With 11.5% Yield

Ondo Finance has tokenized STRC, Strategy Inc.’s perpetual preferred stock, making it available to non-U.S. investors across Ethereum, $BNB Chain, and Solana through Ondo Global Markets. The tokenized version carries the same 11.5% annualized yield as the underlying security, pays monthly dividends, and is backed 1:1 by STRC shares held in custody.

What Is STRC and Why Does It Matter?

STRC, also called “Stretch,” is a variable-rate perpetual preferred stock issued by Strategy Inc., the largest publicly traded Bitcoin holder. Strategy launched STRC in July 2025 through a $2.521 billion initial public offering, which ranked among the largest U.S. IPOs of the year.

The security was designed with a specific goal: to generate regular income while helping fund Strategy’s ongoing Bitcoin acquisition program. Unlike common stock, preferred stock sits higher in a company’s capital structure, meaning preferred shareholders generally receive dividend payments before common shareholders do.

STRC has a $100 par value. Strategy adjusts the monthly dividend rate to keep the stock trading close to that level, which reduces price swings and gives holders a more predictable income stream. At the time of writing, STRC yields 11.5% annually, paid in cash on a monthly basis.

STRC is part of a broader lineup of preferred securities Strategy has issued since 2025, including STRK, STRF, and STRD. Each series is structured differently to appeal to investors with varying risk levels and income preferences.

How Does Tokenized STRC Work on Ondo Global Markets?

Ondo Global Markets issues tokenized STRC as a structured note. The token mirrors the economic exposure of the underlying STRC shares, including dividend treatment where applicable, rather than creating synthetic exposure without any reserve backing.

Key features of the tokenized product include:

• 1:1 backing: Each token is backed by a corresponding STRC share held in custody, creating a direct link to the traditional market security.
• 24/7 on-chain access: Unlike traditional brokerage markets, tokenized STRC can be accessed at any time through Ondo’s platform.
• Instant minting and redemption: Investors can mint or redeem tokens through Ondo’s infrastructure, which connects the on-chain product to traditional market liquidity.
• DeFi composability: The token is designed to be usable within decentralized finance protocols, though how users choose to integrate it will depend on their own strategies and applicable regulations.
• Multi-chain availability: The product is live across Ethereum, $BNB Chain, and Solana.

Ondo connects the tokenized product to traditional market liquidity, using its platform infrastructure to handle the minting and redemption process. Fees and any applicable withholding taxes apply based on Ondo’s structure.

Who Can Access Tokenized STRC?

The tokenized STRC product is currently available to non-U.S. investors through Ondo Global Markets. U.S. investors are not the target audience for this particular launch, which is consistent with how many tokenized real-world asset (RWA) products are structured under existing securities regulations.

This matters because STRC, as a Nasdaq-listed preferred stock, is a U.S. security. Tokenizing it and distributing it through a blockchain-based platform to international investors provides a route for market participants outside the U.S. brokerage system to access a high-yield preferred stock tied to one of the most discussed corporate treasury strategies in recent years.

Why Is This Launch Significant for Tokenized Real-World Assets?

The tokenization of STRC is part of a wider movement to bring traditional financial instruments onto blockchain rails. Ondo Global Markets first launched tokenized U.S. stocks and exchange-traded funds (ETFs) on Ethereum in September 2025 before expanding to Solana and $BNB Chain. The platform now lists more than 250 tokenized assets and holds a notable share of the tokenized equities market.

Adding STRC expands Ondo’s catalog beyond standard stock and ETF tokenization into more specialized, yield-bearing instruments. Because STRC combines preferred-stock income mechanics, a connection to Bitcoin treasury strategy, and on-chain accessibility in a single product, it occupies a different category than most tokenized equities currently on the market.

For income-focused investors, particularly those who want yield without directly holding Bitcoin or opening a U.S. brokerage account, STRC represents a specific type of exposure that was previously difficult to access on-chain.

What Is Ondo’s Role in DTCC’s Tokenization Working Group?

On the same day as the STRC launch, Ondo was announced as a participant in a new industry working group organized by the Depository Trust and Clearing Corporation (DTCC). The DTCC is the central clearing and settlement infrastructure for U.S. capital markets, custodying over $114 trillion in assets and clearing approximately $3.7 quadrillion in transactions annually.

The DTCC is now building a tokenization service designed to bring core U.S. capital market functions on-chain. Ondo is among a select group of firms invited to contribute to the design of that service, alongside institutions including BlackRock, Goldman Sachs, J.P. Morgan, Franklin Templeton, Morgan Stanley, Bank of America, Citadel Securities, NYSE Group, Circle, Fireblocks, and Robinhood.

DTCC President and CEO Frank La Salla stated that the organization believes tokenization will significantly change how markets work and operate, bringing new levels of liquidity, transparency, and efficiency to investors.

Conclusion

Ondo’s tokenization of STRC gives non-U.S. investors on-chain access to one of Strategy’s key yield-bearing instruments, a variable-rate preferred stock with an 11.5% annual yield backed 1:1 by shares held in custody. The product supports 24/7 access, instant minting and redemption, and potential DeFi composability across three major blockchains.

Combined with Ondo’s selection as a contributor to the DTCC’s tokenization working group alongside major Wall Street institutions, the STRC launch illustrates how structured traditional financial products are moving progressively onto blockchain infrastructure.\

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