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Stretch is the most interesting security ever offered by any entity, ever. Let's cut to the chase about its true identity: $STRC is TradFi's first algorithmic, yield-bearing stablecoin. - Stretch is Bitcoin's own fiat money - Stretch sets @Strategy on the path from investment bank to central bank - Stretch can be a sovereign reserve asset You could think of $STRC as a bitcoin backed money market fund, but algorithmic stablecoin is far more relevant for the reasons you'll see below. First of all, what is an algorithmic stablecoin? It is an asset that can remain pegged to a stable fiat value via algorithm-defined actions on crypto assets. The most common algorithm is to adjust supply or demand via interest rates. This is akin to STRC's dividend being changed on a monthly basis. All algorithmic stablecoins use some version of this. The biggest challenge of an algorithmic stablecoin is a concept in International Finance called the Impossible Trinity. It is impossible for any economic bloc to maintain more than 2 of 3 things: - fixed exchange rate - interest rate sovereignty - free movement of capital You will only find areas with any 2 of the 3 things, but none with all 3: - China has a fixed exchange rate and interest rate sovereignty, but it has capital controls. - Eurozone has no capital controls and the ECB sets its own interest rates, but the euro floats against other currencies. - Hong Kong has a fixed exchange rate and free capital flows, but the HKD interest rate is subject entirely to the market. An algorithmic stablecoin, by definition, has a fixed exchange rate. Most implementations of stablecoins also offer a free movement of capital (anyone can get in and out), which leaves interest rates up to an algorithm to determine based on the market conditions. This algo is calibrated to adjust supply and demand so price is stable. If you look through the STRC presentation, this is EXACTLY what is stated. Strategy will move the STRC yield (ie. interest rate) so that its price stays at the "Stated Amount" of ~$100. It will also use certain provisions like an ATM offering and its issuer call to help maintain the fixed exchange rate. The issuer call is in some ways like capital controls, because its basically an asset seizure under certain circumstances. This is something no other algorithmic stablecoin has ever implemented, and it potentially gives Strategy the flexibility to pick which 2 legs of the Trinity is most advantageous at the moment. Why is an algorithmic stablecoin more powerful than a money market fund? Because when you combine traditional securities with tokenization (hello, regulatory clarity), you get 24/7 access to high powered credit instruments which, if stable in value, are VERY money-like. One of the biggest issues with all prior algorithmic stablecoins was the lack of liquidity providers and general interest for those shitcoins. Strategy does not have this problem. Every single Strategy offering is basically the most liquid and interesting of its category. What is the value of an ultra liquid yield bearing asset with a stable value? It's basically "super cash" because it generates interest while retaining the option to convert it to cash without "breaking the buck." $STRC is Strategy's bid to create a fiat currency alternative. That is undeniably an algorithmic stablecoin. $STRC is a strategy for siphoning the monetary premia out of currency. Just as $STRF is a strategy for siphoning monetary premia out of long dated bonds and $MSTR is a strategy for siphoning monetary premia out of equities. Strategy is Bitcoin's investment bank. And it has helped Bitcoin raise capital from all over the capital markets. Now it is helping Bitcoin issue its own fiat. You now have the big picture. $STRC is more bullish than anything else so far. There is so much more to discuss about Stretch, including the impact of its tiny duration on cost of capital and on the common stock. More to follow.

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