Michael Saylor has formally placed Bitcoin and Tether's USDT on the same monetary spectrum, marking a notable shift for the chairman of Strategy, the largest corporate Bitcoin holder. In an August 13 post on X, Saylor outlined a multi-layered Digital Finance Stack that assigns Bitcoin the role of "Digital Capital" and USDT the role of "Digital Currency."
The framework arranges assets from left to right by declining volatility and return potential, while stability and everyday usability increase. Bitcoin sits at the far left as the ultimate store of value, followed by Strategy's STRC as "Digital Credit," the SR-strcUSX token as "Digital Money," and Tether's USDT as "Digital Currency" on the right.
STRC, nicknamed "Stretch," is Strategy's variable-rate perpetual preferred stock, currently paying a 12% annual cash dividend in twice-monthly installments. Saylor says financial engineering turns digital credit into digital money. The new SR-strcUSX product, launched by Solstice Finance on Solana, gives depositors exposure to STRC's dividend income and price risk; its senior tranche targets a 7% annual yield.
The concept arrives during balance-sheet stress for Strategy. The company disclosed it broke its "never sell" rule by liquidating 6,948 BTC worth $432.5 million this summer to pay dividends and maintain liquidity. On August 10, it sold another 1,690 BTC for $108.6 million and repurchased roughly 1.15 million STRC shares, leaving its treasury at 840,447 BTC. CEO Phong Le said Strategy expects to return to net Bitcoin purchases by the end of 2026.
Saylor also highlighted digital credit's expansion into Brazil, where OranjeBTC is launching DIGY11, a B3-listed ETF described as the first ETF of preferred shares from the Bitcoin ecosystem, with monthly distributions in reais, daily liquidity, and currency hedging.
"You can live on Bitcoin. You can also build on it. Crude oil is valuable, but civilization gets more utility by refining it into gasoline, jet fuel, plastics, lubricants, and asphalt. Bitcoin is Digital Capital. Innovation turns capital into credit, money, and currency."
