Saturn Credit and Apyx Finance, two major tokenization projects for STRC, have attracted a combined total value locked (TVL) of $260 million, despite ongoing market volatility. STRC, a preferred share from Strategy, offers an annualized yield of 11.5% and has become the largest preferred stock by market cap since its listing in July last year. Saturn and Apyx have developed innovative DeFi products that tokenize STRC's yield characteristics, rather than its trading attributes, to provide high-yield opportunities for on-chain users. Saturn Credit's product design includes USDat, a stablecoin backed by tokenized U.S. Treasuries, and sUSDat, a yield vault with STRC exposure. Apyx Finance offers apxUSD, a synthetic USD backed by STRC and SATA preferred shares, and apyUSD, a yield token for staked apxUSD. Both projects face challenges, including compliance issues and the sustainability of STRC dividends, which are closely tied to Bitcoin's price. Despite these challenges, the projects highlight the potential of tokenizing asset characteristics to unlock new financial opportunities in the DeFi space.