Buck Labs, registered in the Cayman Islands, has introduced the “BUCK” crypto token, positioning it as a yielding “savings coin” aimed at users seeking returns on dollar-denominated cryptocurrency holdings without relying on traditional stablecoins.
The token is backed by shares of Strategy (MSTR), the largest corporate holder of bitcoin with almost 675,000 BTC on its balance sheet.
BUCK has a starting price of $1 and is designed to distribute rewards that are currently targeting around 7% annually, with returns accruing by the minute, Travis VanderZanden, founder and CEO of Buck Labs, told CoinDesk. BUCK is not traded as a stablecoin and is not strictly pegged to the dollar, meaning its price can fluctuate depending on market conditions.
Rewards distributed to holders are funded indirectly through Strategy’s foundation’s treasury holdings of bitcoin-linked perpetual preferred stock, known as STRC, which pay periodic income to the treasury. Strategy and its president Michael Saylor are not affiliated with Buck and do not sponsor or endorse the token.
“Every healthy economy needs a way to spend and a way to save, which is why Buck is introducing SavingsCoin,” said VanderZanden, who previously held leadership roles at Bird, Lyft and Uber. “Stablecoins have become very good at moving money, but Buck is designed for what happens in the middle, earning rewards for idle capital.
BUCK is structured as a governance token, and its holders are allowed to vote on reward distribution and other protocol decisions. The company said the token is initially intended for non-U.S. users and is not offered as security.
VanderZanden said the product is aimed at users who want predictable cryptocurrency-based returns without actively trading. “People want an easy way to earn cryptocurrency rewards without becoming scalpers,” he said. “Buck is designed to make saving in cryptocurrencies more intuitive.”
Buck Labs said the product is designed to complement, rather than replace, existing stablecoins by offering a savings-focused alternative for longer-term holdings.
