Ellis Osborn is an investor and entrepreneur focused on Web3 and emerging technologies. He is a co-founder of Saturn Labs and has experience in venture investing and blockchain-focused student organizations. ^[2]

Education

Osborn graduated from The Wharton School with a BS in Finance, Operations, and Computer Science in 2026. ^[1]

Career

Osborn has served as Co-President of Penn Blockchain since September 2022, overseeing investment, governance, research, development, and education initiatives. He began working as an investor at M31 Capital in January 2024, focusing on Web3 and AI investments across liquid and venture strategies. In January 2025, he co-founded Fitcentive, where he served until September 2025. In September 2025, he co-founded Saturn Labs, where he continues to serve as a co-founder. ^[2]

Saturn

​Saturn is a financial protocol that issues a stablecoin and related yield-bearing assets designed to connect traditional financial instruments with blockchain-based systems. Its core product, USDat, is a dollar-pegged stablecoin initially backed by tokenized U.S. Treasury assets, while sUSDat is a staked version that provides exposure to yield generated by Bitcoin-linked credit instruments such as STRC. The protocol is structured to separate stability and liquidity from yield generation, allowing users to hold a stable asset or access returns through staking. Saturn’s design is based on the concept of using Bitcoin as a foundational collateral layer for credit creation, with the goal of making these credit-based yields accessible and usable within on-chain financial applications. ^[1]

Interviews

Tokenizing STRC Bitcoin

In an April 2026 episode of The Edge Podcast hosted by DeFi Dad, Kevin Li and Osborn discussed the design and mechanics of Saturn’s tokenized financial products. The conversation focused on how the protocol structures a dual-token system to provide on-chain access to yield derived from Bitcoin-linked credit instruments and its integration within decentralized finance systems. They highlighted Michael Saylor's excitement about bringing this product on-chain, enabling users worldwide to access high-leverage, flexible yield opportunities instantly. The team explained the two-token model comprising USDat, a stablecoin backed by US Treasuries, and sUSDat, a staked, yield-bearing token backed by Stretch, which represented a real-world asset (RWA). They detailed how Stretch functions as a digital credit instrument, with yield derived from MicroStrategy's Bitcoin-backed borrowing at approximately 11.5%, and how on-chain tokenization unlocks enhanced liquidity, permissionless trading, and risk tranching via partnerships with Pendle and Strata. Looking ahead, they envisioned significant market growth, with Stretch's market size potentially reaching hundreds of billions or even trillions of dollars if Bitcoin's value increases, positioning Stretch as a de facto risk-free rate on-chain. They emphasized the advantages of transparency, instant liquidity, and composability, while also acknowledging risks like peg depegs and volatility, especially with derivatives like perps. Overall, Saturn's efforts aimed to bridge traditional Bitcoin finance with DeFi, creating accessible, liquid, and innovative financial products at scale. ^[3]