STRC is currently in a "de anchoring" state: deviating from its target price of $100. This has had a profound impact on Strategy, including financing models, Bitcoin ecosystem, holders, and more. Let's first take a look at the current situation: Recently, the price of STRC has been around $84- $91, with a discount of approximately 10-16% compared to the target price of $100. It has fallen below $90 multiple times. Let's first take a look at its design mechanism. STRC is a variable rate perpetual preferred stock of Strategy (formerly known as Micro Strategy, led by Michael Saylor), with the goal of trading around $100 in the secondary market by adjusting its dividend yield (currently 11.5%) on a monthly basis, providing relatively stable "digital credit" returns, while indirectly holding BTC. It is not a traditional stablecoin, but the market often refers to it as anchored at $100. This also has an impact on its derivatives, such as stablecoins like apxUSD that rely on STRC as collateral, which have also become unanchored and recently fallen to around $0.85- $0.94 (briefly as low as $0.93). Other similar products have also been affected. Of course, this is not the first time such a situation has occurred. Similar events have also been triggered when Bitcoin fell (recently BTC fell to around $60000), and the protocol parties referred to this as a "feature rather than a bug" (due to over collateralization and dividend mechanism buffering). However, the current discount is significant and continues to exist. So, specifically, how do we see the profound impact it brings? Firstly, the impact on the Strategy/MSTR financing model: STRC is an important tool they use to borrow money to buy more Bitcoin. Previously, we relied on it for cheap and convenient financing. If the anchor keeps dropping significantly, people won't like to buy anymore. In the future, if Saylor issues new STRCs, they will have to pay higher dividends to attract people, which will greatly increase financing costs. They are forced to either change their strategy or rely on their stored Bitcoin and cash to carry it. Although the Saylor team was not originally rigidly anchored at $100, the pressure will increase as market confidence falls. Secondly, the Bitcoin ecosystem and leverage risk: The ecosystem related to STRC (including DeFi that uses it as collateral to borrow stablecoins and earn profits) has now grown to several billion dollars in size. If you continue to unanchor, it may trigger a chain reaction of panic selling, decreased liquidity, and even forced liquidation. Bitcoin, as an underlying asset, although not a direct hit, confidence is affected, especially during bear markets or volatile periods. When similar events occurred in history, BTC prices were easily hit near the 200 week moving average, making the entire system appear more fragile. The narrative of 'digital credit' is a test: it attempts to bridge traditional revenue demands with Bitcoin, but exposes additional risks compared to pure BTC (price volatility, dividend sustainability). Again, the broader DeFi/stablecoin market: It is becoming increasingly clear that relying on a single asset (BTC reserve in Strategy's hands) to support and generate returns on stablecoins is not easy. In the short term, it will exacerbate market panic, but this is also a cyclical stress test. Finally, the actual impact on the holders: On the positive side, the effective rate of return has increased due to low prices (currently over 12-13%), making it suitable for long-term holders to receive interest. On the downside, the risk of principal discount (unlike traditional stablecoins with strict redemption mechanisms) brings liquidity/confidence issues. If Strategy cannot effectively pull back the peg, long-term holders may face greater volatility. See how this stress test was handled.