Express News | Michael Saylor proposes a "Monetary Spectrum" for digital assets: Bitcoin as digital capital, STRC as digital credit, and stablecoins as digital currency.

On August 13, Michael Saylor, founder of Strategy, published an article systematically elaborating on the concept of the "Monetary Spectrum" for digital assets. He categorized digital assets as follows: Bitcoin = Digital Capital, STRC = Digital Credit, SR-strcUSX = Digital Money, and USDT = Digital Currency. Along this spectrum, volatility and return potential gradually decrease from left to right, while stability and transactional utility gradually increase. Saylor defines Bitcoin as the ultimate store of value—a highly volatile, high-energy, sound bearer instrument; whereas USDT serves as the ultimate medium of exchange—stable and convenient for transactions. Digital credit and digital money bridge the gap between capital and currency. Saylor further explained the attributes of each layer: STRC falls under digital credit, being semi-stable, offering high fixed income, and possessing characteristics of a store of value. SR-strcUSX, as digital money, combines the technology of digital currency with the economic characteristics of digital capital, offering stability, yield, transactional utility, and store-of-value functions. In terms of ownership structure, Bitcoin is a bearer asset, while digital credit, digital money, and digital currency are created and managed by digital finance companies, with their ownership layer consisting of digital equity, collectively forming a complete digital finance stack. This framework continues Saylor's long-standing strategic approach to building a "Bitcoin + Digital Financial Instruments" ecosystem, incorporating various securitized products issued by Strategy into a unified theoretical narrative.

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