Benchmark is focusing on Strategy preferred shares STRC as a protocol base for yield-linked stablecoins and savings tokens tied to the bitcoin economy, The Block reported on Tuesday.

In a report to clients on Monday, Benchmark equity analyst Mark Palmer (마크 팔머) called STRC "the foundation of the yield-linked stablecoin protocol ecosystem". He said its role is expanding from a fundraising tool for bitcoin purchases into broader financial infrastructure.

STRC is a perpetual preferred share that Strategy originally introduced to raise capital for additional bitcoin purchases. It pays monthly dividends, and Strategy board chairman Michael Saylor (마이클 세일러) recently raised the March dividend rate to 11.5 percent from 11.25 percent.

The Block reported that executives at several financial infrastructure startups discussed ways to integrate STRC into token-based financial products at the Strategy World conference held in Las Vegas last week.

Buck Labs adopted a structure that includes STRC as a reserve asset for its dollar-pegged savings token BUCK and distributes the yield to users.

Benchmark sees a virtuous cycle in which Strategy issues STRC to investors seeking high yields and uses the proceeds to buy bitcoin, while crypto protocols buy the preferred shares to generate returns for token-based products.