STRC is becoming a DeFi distribution channel for Strategy. The wrapper ecosystem is turning its 11.5% dividend into onchain dollar yield. Apyx and Saturn are already packaging STRC into dollar products and xStocks brings the preferred onchain. Pendle and Morpho extend those wrappers into DeFi lending and yield markets. The wrapper layer is still small at ~2% of STRC notional in May. If this growth continues, it gives Strategy another lever to keep BTC purchases flowing. The risk is the same one the yield is paying for. Wrappers extend STRC’s reach without making the underlying exposure safer. If STRC trades meaningfully below par, the stress moves into the dollar products built around it.(Delphi Digital)