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Stablecoins Backed by Strategy Shares Lose Their Dollar Peg
The sUSDat stablecoin lost its dollar peg, falling by 7% to $0.93 on Wednesday, 3 June, according to blockchain analysts at PeckShield. On Thursday, the decline became even deeper: for a short time, the stablecoin dropped to $0.90.
By the afternoon of 4 June, the token had still failed to recover and was trading at $0.93.
sUSDat is the yield-bearing version of Saturn Credit’s dollar stablecoin USDat. The asset is backed by STRC preferred shares of Strategy, the largest publicly traded corporate holder of Bitcoin, and generates yield through dividend payments on these securities.
On Thursday, the apxUSD stablecoin of the Apyx protocol similarly lost its link to the dollar exchange rate — it is also backed by Strategy preferred shares. The token fell by more than 0%, to $0.92.
STRC shares fell to $94 — Bitcoin’s decline to $62,000 reduced the value of the collateral. When the price of STRC falls below par value ($100), the value of reserves decreases, and the price of stablecoins backed by these securities may deviate from the peg, the developers of the Apyx protocol explained.
On 1 June, it became known that Strategy had sold 32 BTC for approximately $2.5 million. The average sale price was $77,135 per coin. The company said it would use the proceeds to make payments to holders of preferred shares. In parallel with this transaction, Strategy sold 801,994 of its ordinary MSTR shares for about $128.3 million.
Jeff Dorman, Chief Investment Officer at Arca, a US company managing crypto assets, calculated that Strategy has very high preferred-share obligations of about $15 billion — this amount must be paid within a year. Dorman believes the company will not be able to find such funds and will either cancel dividends or sell even more Bitcoin.
See also: "Polymarket Traders Put the Probability of Bitcoin Falling Below $60,000 in June at 62%"
