Stablecoin-Like Tokens Backed by Strategy's Shares Surpass $100 Million

Since January, at least three issuers have introduced stablecoin-like tokens primarily backed by Strategy's Stretch perpetual preferred shares, collectively managing over $100 million. According to NS3.AI, these products expand Michael Saylor's borrow-to-buy-Bitcoin strategy into an additional layer of leverage, which remains vulnerable if Bitcoin's value declines.