Pendle STRCx deposits hit record $50.4 million on Ethereum

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 Ethere...