Deposits of STRCx, a tokenized version of Strategy Inc.'s variable-rate perpetual preferred stock, have reached a record $50.4 million on Pendle's Ethereum deployment, based on mid- to late October 2026 data.
The total climbed from about $39.8 million on October 16, 2026, an increase of roughly $10.6 million in about two weeks. Nearly all of STRCx's DeFi deposits, 98%, are on Ethereum, and about 25% of all outstanding STRCx sits inside Pendle markets.
What STRCx represents
STRCx is a blockchain-native representation of STRC, the Nasdaq-listed variable-rate perpetual preferred stock issued by Strategy Inc. The wrapper allows the security to move through DeFi applications rather than remain solely in a brokerage account. The underlying stock pays variable dividends, which have recently been in the 11.5% to 12% range, according to the research findings.
STRCx is also the largest tokenized equity by on-chain market cap, with an estimated value between $156 million and $158 million in early October 2026.
How Pendle splits yield
Pendle is a yield-tokenization protocol that splits a yield-bearing asset into two tokens. Principal Tokens, or PT, provide exposure to a fixed yield. Yield Tokens, or YT, allow traders to take leveraged or directional positions on future yields.
STRCx markets on Pendle launched in August 2026. Later that month, Pendle introduced updated mechanics with time-weighted yield distribution for YT holders, a change intended to improve the trading experience.
The research ties STRCx's growth to the "Pendle Effect," a pattern seen with earlier STRC-linked wrappers in which listing on Pendle helped drive growth in total value locked and expand the number of on-chain holders.
Daily dividend catalyst
On October 28, 2026, shareholders overwhelmingly approved moving STRC to daily dividend accruals, with the change set to begin in November. The research findings indicate the change is expected to boost on-chain demand further as investors seek steady income from equity-linked instruments.
