STRC is not a stablecoin, and sUSDat is also not a stablecoin. If you haven't figured out the basic logic, I advise you not to play this product! There is actually an interesting observation point about the recent decline of Bitcoin and the STRC falling below 100, which is that it seems to be the first time that the entire STRCFi has been seriously stress tested by the market. Previously, STRC had been a stable force, but this time, various market voices have emerged, which has also affected products based on STRC design such as @ saturn_credit. I think we can look at it in three layers: The first layer is STRC itself. STRC is not a stablecoin, nor is it a guaranteed investment. Essentially, it is a perpetual preferred stock issued by Strategy. It has dividends and a liquidation priority of $100, but it is not a $100 hard redemption asset, nor is it an on chain bond collateralized by BTC one by one. So when STRC falls from around 100 to 94 or 95, the market is not expressing that Strategy will immediately go bankrupt, but that the 11.5% coupon rate is not enough to fully compensate for the BTC volatility, MSTR financing pressure, preferred stock dividend pressure, and liquidity risk that we are seeing now. In other words, STRC was not unanchored, but was re priced by the credit market during BTC's decline. The second layer is the capital flywheel of Strategy. Strategy sold 32 BTC this time, which is a very small quantity, and its holdings of over 840000 BTC are almost negligible. But the signal has great significance. The biggest belief in Saylor in the past market was that he only buys and never sells, always being a marginal buyer of BTC. Now for the first time in the market, BTC reserves may also become a liquidity tool for paying preferred stock dividends and maintaining capital structure. The market begins to imagine a reflexive chain: BTC declines → MSTR stock price declines → common stock financing capacity weakens → STRC falls below 100 → preferred stock financing costs rise → companies may sell BTC in order to pay dividends → the narrative of "only buying, not selling" is damaged → the market continues to lower MSTR/STRC estimates. On the third level, let's talk about Saturn's design. The core meaning of Saturn is that USDat and sUSDat are two sets of risks. USDat is a stable layer. According to them, there is no STRC exposure at present. Behind it are US treasury bond bonds, with the goal of maintaining stable exchange with USDC. USDat is the income layer, which consumes the returns of STRC and also bears the volatility of STRC. When you buy sUSDat, you are essentially not buying stablecoins, but buying a yield asset with STRC credit risk, liquidity risk, and redemption queue mechanism. So what really needs to be reminded to users this time is: one ️⃣ Don't mix USDat and sUDSat together. USDat pursues stability, while sUSDat pursues returns. The returns come from STRC, and the risks naturally come from STRC. two ️⃣ Risk isolation: Saturn's two coin model is indeed clearer than 'mixing all risks into one stablecoin'. It separates stable demand from revenue demand, allowing users to choose their own risks. three ️⃣ Risk statement But that doesn't mean Saturn is risk-free. USDat depends on reserve transparency, Curve/USDC exchange depth, redemption ability, and permission control. The USDat depends on the price of STRC, Strategy's dividend payout ability, redemption queue, secondary market liquidity, and whether selling STRC under extreme market conditions can smoothly convert back to USDat. Mr. Kevin's mention of 'Saturn remains unaffected' combined with this afternoon's Space event has indeed given the market peace of mind. So my conclusion is that this incident is STRCFi's first public stress test and a very good test result. If BTC stops falling, STRC slowly returns to around 98-100, Strategy maintains dividends, Saturn's USDat peg stabilizes, and the sUSDat redemption queue is processed normally, then this is an emotional shock that will make the market better understand the risk stratification of USDat/s USDat. But if BTC continues to decline and STRC stays at 90-95 or even lower for a long time, Strategy will continue to sell BTC to pay dividends, Saturn's sUSDat redemption queue will lengthen, and the USDat/USDC pool will start to come under pressure, then it cannot be seen as ordinary fluctuations anymore, but as a repricing of the entire STRCFi credit chain. Once again, I would like to remind everyone: STRC is not a stablecoin, and sUSDat is also not a stablecoin. Either don't use this product, or you need to truly understand that where the benefits come from, the risks will come from.