Buck Labs just rolled out $Buck—a USD-pegged token that's interesting because it's indirectly backed by Bitcoin through STRC. The mechanics: you get 7% annualized yield, calculated in real-time down to the minute. What makes it different is the treasury model—monthly yields flow to a treasury, but governance stays with token holders rather than staying centralized.

It's a take on how stablecoins can layer yield mechanisms on top of collateral structures. Whether the Bitcoin-backed approach handles volatility better than traditional reserves is worth watching. The real-time calculation angle also cuts down on timing arbitrage plays that plague some yield protocols.