Saylor’s digital credit framework made no reference to XRP as part of the infrastructure
At Strategy World 2026 on February 25, Michael Saylor, serving as executive chairman of Strategy, presented a comprehensive financial architecture centered around Bitcoin.
Saylor’s central thesis was straightforward: Bitcoin serves as the foundational capital layer, with digital credit representing the derivative product constructed atop it.
During his presentation, Saylor characterized Strategy’s fundamental business model as “converting capital into credit.” He explained the company’s approach of taking Bitcoin, removing its volatility component, and transforming it into a more stable yield vehicle for investors.
This transformation manifests as Strategy’s STRC preferred stock. According to Saylor, STRC maintained 100% of its value throughout a period that saw Bitcoin retreat 45% from peak levels. Simultaneously, it distributed 4.5% in dividend payments during this same market correction.
Saylor positioned STRC as a compelling yield-generating instrument for market participants seeking Bitcoin-linked returns without direct asset ownership.
Before settling on variable preferred credit, Saylor explored multiple leverage structures. He concluded this approach provided optimal flexibility and downside protection when markets turn volatile.
He further detailed three proprietary metrics Strategy employs internally: BTC rating measuring collateral adequacy, BTC risk calculating the probability of collateral falling below thresholds, and implied credit spread determining investor compensation.
For comparison, investment-grade bonds currently offer 78 basis points while high-yield instruments provide 288 basis points. Saylor contended that with Bitcoin achieving 30% annual growth, digital credit products could match or exceed these traditional benchmarks.
The keynote’s most anticipated segment arrived when Saylor detailed how programmable digital credit would be distributed and identified specific platforms for deployment.
“I put it on a platform — the NASDAQ, the London Stock Exchange, Solana, Ethereum, Binance, Coinbase Base,” Saylor stated.
Saylor emphasized that Bitcoin remains the core capital asset in this framework. Solana and Ethereum function as transmission mechanisms rather than foundational layers.
According to Saylor, once credit products achieve modular design, issuers gain the ability to dynamically adjust volatility parameters, liquidity characteristics, distribution schedules, and currency denomination within the asset itself.
Notably absent from Saylor’s entire presentation was any mention of XRP within his digital credit infrastructure blueprint.
Price action followed swiftly. Within a 24-hour window following Saylor’s remarks, Solana climbed over 13%, pushing its total market capitalization toward the $50 billion threshold.
Ethereum similarly attracted increased buying activity as market participants interpreted Saylor’s statements as institutional endorsement.
Both blockchain networks have continuously vied for dominance in the decentralized finance ecosystem. Saylor’s explicit mention reinforced their positioning precisely when institutional players are actively evaluating tokenized asset infrastructure.
Strategy has articulated its objective to expand STRC market liquidity and grow its Bitcoin treasury while enabling ecosystem partners to develop complementary digital yield instruments and digital currency products around this framework.
