Michael Saylor, Executive Chairman of Strategy, has published a wide-ranging manifesto outlining how Bitcoin could underpin an entirely new global financial architecture.
"The next phase of Bitcoin's evolution is building a complete digital asset stack on top of it," he said.
Five Layers of the Stack
The concept is built around five layers. The first is Digital Capital — Bitcoin itself: a scarce base asset with high volatility. The second is Digital Credit: fixed-income instruments backed by Bitcoin, designed to smooth out BTC's volatility for credit investors. Saylor cites STRC as an example — Strategy's senior high-yield short-term instrument.
The third layer is Digital Money: stable, yield-bearing instruments pegged to the dollar. These are created by combining Digital Credit with liquid fiat equivalents — treasuries, repos, and bank reserves. By Saylor's estimates, such a product could deliver annual returns in the 6–8% range, with the credit component targeting around 10–12%.
The fourth layer is Digital Yield: leveraged or structured instruments for investors willing to take on more risk in exchange for higher returns. The fifth is Digital Equity: shares of companies like MSTR, which absorb residual volatility and sustain the entire credit stack.
Why It Still Ties to Fiat
Saylor separately explained why Digital Money should be pegged to the dollar rather than Bitcoin directly: salaries, taxes, mortgages, and corporate reporting are still denominated in fiat currencies.
"Most users don't need an asset that moves 5% in a day — they need a stable unit of account. That's exactly why stablecoins found their audience," he said.
At the same time, Saylor believes the stablecoin model falls short: holders don't earn yield on the reserves, and bank deposits lack digital mobility.
In his version, Digital Money should combine stability, digital mobility, daily liquidity, and meaningful yield — all while remaining backed by Bitcoin at the capital structure level.
Bitcoin Stays Unchanged
The central argument of the manifesto is that none of this requires changes to the protocol, staking, new issuance, or giving up self-custody. Anyone who wants to hold pure BTC can hold pure BTC — because the yield comes not from the base asset itself, but from the capital structure built on top of it.