The tokenized version of Strategy Inc.'s preferred stock keeps pulling capital into Pendle's yield markets ahead of a switch to daily dividend accruals
STRCx deposits on Pendle’s Ethereum deployment have reached an all-time high of $50.4 million.
What is STRCx, and why are people piling in
STRCx is a tokenized representation of STRC, the variable-rate perpetual preferred stock issued by Strategy Inc. and listed on Nasdaq. Think of it as a blockchain-native wrapper that lets the security move through DeFi apps instead of sitting in a brokerage account.
The underlying stock pays variable dividends. Those payouts have recently been in the range of 11.5% to 12%, according to the research findings.
The record comes after a rapid climb. As of October 16, 2026, STRCx held approximately $39.8 million in DeFi deposits on Pendle. Roughly two weeks later, that figure had grown to $50.4 million, an increase of about $10.6 million.
Pendle’s share of the token’s supply is also notable. About 25% of all outstanding STRCx now sits inside Pendle markets, based on mid- to late October 2026 data.
And the activity is concentrated on one chain. Nearly all of STRCx’s DeFi deposits, 98%, reside on Ethereum.
STRCx is also recognized as the largest tokenized equity by on-chain market cap. Its value was estimated at between $156 million and $158 million in early October 2026.
How Pendle turns a dividend into a trade
Pendle is a yield-tokenization protocol. On Pendle, a yield-bearing asset gets split into two tokens. Principal Tokens, or PT, give holders exposure to a fixed yield. Yield Tokens, or YT, let traders take leveraged or directional bets on where yields go next.
The STRCx markets on Pendle launched in August 2026. Later that month, the protocol rolled out updated mechanics that introduced time-weighted yield distribution for YT holders, a change intended to improve the trading experience.
The research findings tie the token’s growth to what has been dubbed the “Pendle Effect.” The term refers to a pattern seen with earlier STRC-linked wrappers, where listing on Pendle helped drive growth in total value locked and expand the number of on-chain holders.
The 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 change is expected to boost on-chain demand further, according to the research findings, as investors look for steady income from equity-linked instruments.
