STRCx deposits into Pendle on Ethereum have climbed to a fresh all-time high (ATH) of $50.4 million.
The figure marks a clear acceleration in on-chain demand for the tokenized preferred stock linked to Strategy.
STRCx is the xStocks-issued token that tracks Strategy’s Nasdaq-listed STRC preferred shares.
Holders gain price exposure and dividend economics in a form that moves freely across decentralised finance (DeFi) rails.
What Exactly Is STRCx and Why Does It Attract DeFi Capital?
STRC itself is Strategy’s variable-rate perpetual preferred stock, often called Stretch.
It pays a cash dividend that the company can adjust to keep the shares trading near par.
xStocks wraps that instrument into an on-chain token fully backed by the underlying shares held in custody.
In turn, users can deposit STRCx into Pendle, where the protocol splits the asset into principal and yield components.
This structure lets participants lock in fixed rates or speculate on the floating dividend stream.
Meanwhile, roughly a quarter of all outstanding STRCx now sits inside Pendle markets.
Nearly all of that activity concentrates on Ethereum.
How Quickly Have These Deposits Grown?
The climb has been rapid. Mid-October data showed roughly $39.8 million of STRCx parked in Pendle.
Within about two weeks the total advanced to $50.4 million, adding more than $10 million.
That growth has pushed STRCx to the top of tokenized equities by on-chain market capitalisation and made it one of the more actively used real-world assets (RWA) in yield markets.
In parallel, the broader tokenized Strategy complex continues to expand, with xStocks handling a large share of both common and preferred exposure.
What Catalyst Could Drive Further Demand for STRCx?
On Wednesday, October 28, 2026, shareholders approved a shift to daily dividend accruals for STRC, with the change scheduled to begin in November 2026.
Daily compounding may raise the appeal of holding the tokenized version inside yield protocols.
Investors seeking steady equity-linked income can already trade the dividend stream separately on Pendle, and more frequent accruals could sharpen that edge.
Still, participants face the usual suite of risks: changes in the underlying dividend rate, custody arrangements, smart-contract exposure, and liquidity conditions in the secondary markets.
The $50.4 million milestone shows that demand for trading real-world equity yield on-chain remains intact.
STRCx has become a concrete example of how preferred-stock economics can migrate into DeFi without losing their core characteristics.
Continued growth will depend on whether the daily-accrual switch draws additional capital and whether the yield markets stay deep enough to absorb it.
