strcUSX is live in @solsticefi YieldVault. The source is STRC. > Strategy pays around 12% cash dividend. > Solstice takes that stream onchain and splits it into 2 tranches. Senior gets paid first. Target is around 7%. Junior is first loss. Target is around 20%. The key part is the buffer. Junior is sized roughly to match senior. So STRC needs to fall about 50% before senior principal starts taking pressure. Not risk free. But the risk is much easier to price. I like this structure because the yield source is not the same as eUSX. eUSX moves with perp funding. strcUSX moves with a Nasdaq-listed preferred coupon path. Different driver. Different risk profile. Both settle back to USX. I’m watching how deposits split between senior and junior here. Senior looks built for predictable yield. Junior is more for people willing to underwrite STRC price risk. That separation matters.