[Saylor Envisions a Bitcoin-Backed USD Stablecoin with Target Annual Yield of 6% to 8%] Michael Saylor, founder and executive chairman of MicroStrategy, proposed at the ParaFi Investor Day that his ideal 'digital currency' should be pegged to the US dollar, maintain extremely low price volatility, and offer an annual yield of 6% to 8%. He referred to this concept as a 'Bitcoin-backed stablecoin,' envisioning it as a medium of exchange, unit of account, and store of value, capable of being used for payments, collateral, and trading. Saylor stated that such a product should have high liquidity, allowing investors to exit after holding it for just a few days, similar to short-duration money market instruments. His idea is to use Bitcoin as the underlying capital to provide returns to holders through a digital credit structure, rather than generating interest directly from Bitcoin itself.