Strategy’s STRC emerging as ‘backbone’ of yield-backed stablecoin ecosystem: Benchmark
Benchmark views Strategy's STRC preferred stock as the foundation for new yield-backed stablecoin protocols.Summary
Benchmark equity analyst Mark Palmer suggests that Strategy's (MSTR) flagship preferred stock, STRC, is evolving beyond a tool for bitcoin acquisition to become the 'backbone' of an emerging ecosystem of yield-backed stablecoin protocols. STRC, which pays adjustable monthly dividends, is being integrated by various crypto infrastructure startups to generate returns for their token-based products. Examples include Buck Labs' BUCK savings token and Saturn Labs' USDat stablecoin protocol, both utilizing STRC as a critical yield source or digital credit primitive anchored in the bitcoin economy. Benchmark posits this creates a reinforcing cycle where Strategy issues STRC to fund more bitcoin purchases, and crypto protocols use the shares for product yield. Benchmark maintained its 'buy' rating on MSTR shares.
(Source：The Block)