Stablecoin protocols tapping into @MicroStrategy's STRC’s yield are seeing explosive growth. TVL across these strategies has increased 2.5x over the past month, making them one of the fastest growing segments in DeFi right now. This growth is tracking closely with STRC itself, whose market cap has risen 73% from $4.9B to $8.5B over the same period, signaling strong demand for Saylor’s latest product across multiple market participants. @apyx_fi and @saturn_credit are the primary beneficiaries so far. What makes this strategy particularly compelling is its scalability. STRC consistently sees $100M–$250M in daily trading volume, allowing these protocols to efficiently scale exposure in response to deposits and redemptions without major liquidity constraints. With the right risk safeguards in place, the next phase of this trade is likely to be looping yield-bearing stablecoins. PTs on these assets are currently offering 16% and 13% yields respectively, and importantly, these yields are sustainable even as TVL grows. Early signs of demand are already visible, with Morpho’s listing of PT-apyUSD reaching $23.2M supplied within just 10 days. Looking ahead, the key metrics to watch are continued TVL growth and capital efficiency across these strategies. Secondary beneficiaries are @pendle_fi and @Morpho, which are becoming the primary venues for structuring and leveraging these trades.