According to monitoring by PeckShield, the collateralized stablecoin sUSDat, 100% supported by STRC (Strategy Digital Credit Assets), briefly fell to below $0.93 on June 3, before rebounding to $0.98. PeckShield noted that this volatility occurred after Strategy symbolically broke its “never sell” principle.
Strategy Sold 32 BTC: Confirmed Average Price, Amount, and Proportion
The BTC sale data confirmed by Strategy during the reporting period are as follows:
Amount Sold: 32 BTC
Average Price: approximately $77,135 per BTC
Total Value: approximately $2.5 million
Share of Total Holdings: 0.0038% (total holdings exceed 843,000 BTC)
Use of Funds: allocated to expenses
In the same period, Strategy separately sold 801,994 shares of common stock, raising approximately $128.3 million. This BTC sale marks the first confirmed BTC de-risking record since Strategy’s long-term holding strategy.
sUSDat Depegging Mechanism: ERC4626 NAV and STRC Oracle Technical Principles
Based on a technical analysis by The Serenity Research, sUSDat is built on the ERC4626 contract architecture, and its NAV calculation formula is as follows:
sUSDat NAV = (STRC balance − unvested STRC) × STRC oracle price + USDat
When the STRC price drops, sUSDat’s NAV is immediately adjusted downward, causing the Curve pool’s exchange rate to同步 reflect the latest STRC oracle price. The June 3 depegging event, in essence, resulted from the chain reaction triggered by holders choosing to sell sUSDat in the Curve pool after the STRC oracle price update, rather than the underlying collateral mechanism of sUSDat failing.
Saturn Integration of Chainlink CCIP: Confirmed Technical Specifications
The stablecoin finance protocol Saturn chose Chainlink’s cross-chain interoperability protocol (CCIP) to provide multi-chain infrastructure for its sUSDat and USDat. The confirmed technical specifications are as follows:
CCIP Certification: ISO 27001 and SOC 2 Type 2
Independent Node Operators per Cross-Chain Channel: 16
Functional Positioning: enables investors outside the United States to invest in Strategy’s Bitcoin financing stock STRC
FAQ
What is sUSDat, and how does it relate directly to STRC and Strategy?
sUSDat is a collateralized stablecoin issued by the Saturn protocol, backed by Strategy’s perpetual preferred stock STRC, and supported by STRC 100%. Because sUSDat’s NAV calculation directly depends on the STRC oracle’s real-time quotes, any STRC price fluctuations directly affect the pricing of sUSDat in the Curve pool.
Does Strategy’s sale of 32 BTC mean its “never sell” principle has officially ended?
Strategy’s sale of 32 BTC (0.0038% of total holdings) has been characterized by the industry as a symbolic break of the “never sell” principle. Strategy’s official statement said that the proceeds will be used to allocate expenses. Strategy has not provided further explanation regarding the long-term impact of this sale on its overall BTC holding strategy.
After sUSDat fell to $0.93 and then recovered to $0.98, does that mean its stablecoin mechanism has returned to normal?
According to The Serenity Research’s technical analysis, the depegging was caused by market sell pressure following an update to the STRC oracle price, not a fundamental failure of sUSDat’s underlying collateral mechanism. PeckShield confirmed that sUSDat has recovered from below $0.93 to $0.98. There is arbitrage space for Curve LP during this process, but sUSDat’s collateralization ratio structure still remains in place.
