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ing below your entry locks in a loss. strcUSX splits the STRC coupon into a steadier senior path and a higher-yield junior path. Junior can lose value if senior leaves and the vault sells STRC below its average buy. It does not remove credit risk, dividend risk, or the chance of loss. Yields on this page are targets, not guarantees. See Risk Disclosures . How this differs from holding STRC If you hold STRC yourself, a drop in STRC’s price shows up on your position right away. If STRC is 12% under $100, you are about 12% down even if the dividend is still paying. strcUSX splits one STRC-linked book into two roles so people can pick how much risk they want. The design is built so a price swing alone does not force a loss on people who stay. If you hold What you get What you take on STRC directly Variable dividend on $100 stated value Full price move, plus credit and liquidity risk SR-strcUSX STRC yield without the daily price ride ( 7% target in USX) After junior is gone, senior can still lose JR-strcUSX Higher STRC-linked yield ( ~20% when the vault is about twice senior). No funding fee. No personal liquidation price. Price can fall if senior leaves and the vault sells STRC below what it paid If STRC’s price drops and senior stays, junior’s on-screen price does not fall. The vault can keep paying senior first, then junior. If STRC’s price rises, that extra value builds a cushion the protocol can use later if senior needs to leave below the average buy. It does not raise junior’s on-screen price. Junior’s on-screen price is book value. It moves when yield is paid in, or when a sale below the average buy is booked. It does not tick with every STRC price move. USX holders who never mint strcUSX do not take this STRC book. Why two tokens One token cannot serve both people who want STRC income without the daily price ride and people who want more yield. Want STRC yield without sitting in the daily price → SR-strcUSX Want more yield, like leveraged STRC, with no funding fee and no personal liquidation price → JR-strcUSX Want both → hold a mix (you are mixing two risk profiles on purpose) Junior can still lose value if senior leaves and the vault sells STRC below its average buy. The split is there so both sides can stay through STRC swings. If everyone stays, both sides keep earning their targets. Token design SR-strcUSX JR-strcUSX Target return 7% About 20% when the vault is about twice senior Feel STRC yield, skip the daily price Leveraged STRC: more yield, no funding fee, no personal liquidation price How price works Grows toward the 7% path Book value (moves when yield is paid in, or when senior leaves and the vault sells below its average buy) Exit Instant (fee) or 15-day queue, or DEX First window: request 23 August 2026 , settle 26 August 2026 , then every 2 weeks , with caps, or DEX When junior can lose After junior is gone If senior leaves and the vault sells STRC below what it paid Transferable Yes Yes Both tokens mint when you lock USX in the vault. Both redeem back to USX. What’s in the book Most of the book is STRC. A smaller slice sits in short-term US Treasury bills so the vault has cash for day-to-day exits without always selling STRC. Collateralization Rule Coverage (senior NAV + junior NAV) ÷ senior NAV Operating target About 200% coverage (junior roughly matches senior) Senior mint Junior-led: senior only grows when junior can support it and coverage holds Issuance At market prices (the vault does not wait for STRC at $100) Coverage is the headline health metric. Live coverage, balances, and rates publish in the app and on the Proof of Solvency dashboard. How yield flows The vault receives USX linked to a strategy that holds STRC preferred shares (and a small Treasury-bill cash slice). STRC pays a variable cash dividend on $100 stated value (current issuer reference: about 12% annualized, paid twice a month, rate reviewed monthly). The coupon is not guaranteed. Senior is paid first , toward a 7% annual target in normal conditions. Junior receives what is left. Near 200% coverage, that leftover sits around ~20% . Junior yield moves with three things: the STRC dividend rate the senior target how much junior capital sits next to senior More junior next to senior lowers leftover yield per token and thickens the cushion. Less junior raises leftover yield per token and concentrates risk. If STRC is bought below $100, yield on what was paid is higher than the stated coupon (about 13.6% on cost near $88 with a 12% stated coupon). That helps the leftover available for junior. It does not mean junior is “earning 13.6% safely.” If STRC’s price later goes up, that extra value stays in the cushion . It is not added to junior’s on-screen price. The cushion is there so a later senior exit below the average buy has something to lean on. Target rates are not guaranteed. Payments are USX the protocol chooses to send. See Yield and APY and Risk Disclosures . How risk stages work Stage Coverage Junior Senior Normal (BAU) ≥ 112% Earns leftover yield; price is book value Toward 7% target; junior covers a sale below the average buy Restricted 110%–112% Exits tighten Instant exit may stay open at a higher fee Liquidation < 110% Covers loss first Takes remaining loss only if junior is wiped out The coverage ratios above stay fixed. The STRC price that maps to each band moves with the vault’s average buy. Worked examples ($100 / $95 / $88 buys) live on Junior and Senior Tranches . In normal conditions, junior’s on-screen price does not jump when STRC’s price moves. A drop in STRC’s price does not hit junior unless the vault sells below what it paid. In restricted mode, the protocol tightens junior exits so the book can rebuild coverage. In liquidation, the vault sells remaining STRC so senior is not left holding an empty bag. That path does not reverse. Holders then withdraw what remains. More detail: Junior and Senior Tranches . Full risk write-up: Risk Disclosures . Why people pair it with eUSX eUSX strcUSX Driver Crypto funding STRC preferred income structure Feel Moves with funding markets Moves with preferred coupon and whether anyone has to sell STRC Different engines. Many users hold both rather than only one. Inside YieldVault strcUSX uses the same YieldVault pattern as eUSX: mint with USX, redeem to USX, same audit and attestation stack. What changes is the strategy behind the vault and the senior/junior split. Flares strcUSX holders earn Flares while they hold. Flares stop when you start an unlock. strcUSX is not equity, debt, or a direct claim on off-chain assets. Token holders have no ownership of the underlying STRC. Target rates are not guaranteed. Past performance does not guarantee future results. Parameters can change under governance. This page is informational and is not financial advice. See Risk Disclosures . Previous aiUSX Next Junior and Senior Tranches ## /solstice-for-users/yieldvault/strcusx/junior-and-senior Junior and senior tranches How the two strcUSX tokens share one book. Overview: strcUSX . Why split the book Holding STRC (or a single wrapper) passes the preferred’s price moves straight through to you. strcUSX keeps one STRC-linked book and splits it so people can pick how they want the yield: SR-strcUSX: STRC yield without the daily price ride. 7% target. JR-strcUSX: closer to leveraged STRC. You get what is left after senior (about 20% when the vault is about twice senior). No funding fee. No personal liquidation price. Junior’s price can fall if senior leaves and the vault sells STRC below its average buy. You do not own the STRC. You hold a vault token settled in USX. If STRC’s price moves and everyone stays, both sides keep earning. The split is there so a price swing alone does not force a loss on people who stay. Collateralization Rule Coverage (senior NAV + junior NAV) ÷ senior NAV Operating target About 200% (junior roughly matches senior) What’s in the book Mostly STRC, plus a smaller slice of short-term US Treasury bills for cash Growth Junior-led (senior only grows when junior can support it) Issuance At market prices (not gated on STRC at $100) Coverage stages Stage Coverage Normal (BAU) ≥ 112% Restricted 110%–112% Liquidation < 110% Those ratios stay fixed unless governance recalibrates the protocol. Coverage uses the live market value of vault assets. Live coverage publishes on the Proof of Solvency dashboard. The STRC dollar price that maps to each stage is not fixed. It moves with the vault’s average STRC buy price and the live senior/junior mix. Restricted and liquidation exist so junior can still cover senior if the vault has to sell STRC in a sharp drop. They are not a promise that the book will sell, and they are not a strike at a set STRC price. If STRC’s price drops and senior does not leave (and the vault does not sell), junior’s on-screen price does not fall. Senior stays on its 7% path while junior capacity lasts. Illustrative STRC prices at about 200% coverage Figures assume a 50/50 book that is fully invested at the stated average buy. Live mapping uses actual buys, cash, and mix. Check the app and the Proof of Solvency dashboard . Vault avg STRC buy Restricted (~112%) Liquidation (~110%) Senior principal under pressure (~100%) $100 ~ $56 ~ $55 ~ $50 $95 ~ $53 ~ $52 ~ $48 $88 ~ $49 ~ $48 ~ $44 These dollar levels are examples, not strikes. A higher average buy lifts the STRC prices that hit each coverage band. A lower average buy lowers them. Actual sales, senior exits, and a thinner junior book all move the path. None of this is a guarantee of senior principal. Pricing Senior Senior price grows toward the 7% annual target from structured payments. Outside liquidation, a sale of STRC below the average buy that junior can still cover does not cut senior’s path. Junior (book value) Term Meaning Book value (shown) (junior capital + vested yield − booked losses) ÷ junior tokens Mark-to-market (mint/redeem) (STRC shares × live price + cash − senior claim) ÷ junior tokens The app shows book value . A move in STRC’s market price does not constantly reprice the junior token on screen. A rise in STRC’s price builds a cushion the protocol can use later. It does not raise junior’s on-screen price. A drop in STRC’s price does not cut junior’s on-screen price unless the vault sells STRC below what it paid. That usually happens only if senior is leaving and the vault needs cash. At mint and redeem, the vault also uses the live market value: Action Price rule Displayed Book value only Mint max(book value, mark-to-market) Redeem min(book value, mark-to-market) That stops new flow from taking unbooked value from people who stay, and stops leavers from pushing a sale loss onto remaining juniors. Booked P&L from sales enters book value as shares sold × (sale price − purchase price). Book value can sit above or below a pure live mark of STRC. Before you mint junior, check STRC’s market price and vault coverage on the Proof of Solvency dashboard . Compared with holding STRC Event Hold STRC SR-strcUSX JR-strcUSX STRC down 12%, no sale Mark down ~12% Senior path holds Book value holds STRC up, no sale Mark up Senior path holds Book value holds; extra value goes to the cushion Dividend pays You get the preferred path Funds senior 7% first Leftover after senior Need to exit in stress Sell in the stock market Instant (fee) or 15-day queue Every 2 weeks after the first window; can tighten or pause Deep crash through junior Full preferred loss path Senior can take remaining loss after junior is gone Can go to zero if sales wipe junior Target yield STRC stated coupon reference: about 12% on $100, variable, paid twice a month. Senior is paid first toward 7% . Junior receives the leftover (about 20% when the vault is about twice senior). Junior leftover moves with the STRC dividend, the senior target, and how much junior sits next to senior. A rise in STRC’s price does not raise junior’s target or on-screen price. Junior’s price can fall if senior leaves and the vault sells STRC below its average buy. Redemption at a glance Path Senior Junior Instant (fee) Available in normal conditions; may stay open in Restricted at a higher fee Not the main path Scheduled 15-day queue Every 2 weeks after the first window, with caps; can pause if coverage is weak First junior window — Request cut-off 23 August 2026 . Settlement 26 August 2026 . Then every 2 weeks. Cancel after start No No Full flow: Deposits and redemptions . Program stages Normal (BAU) Coverage at or above 112%. Both earn their target rates. Junior book value does not tick when STRC’s price moves. A drop in STRC’s price does not hit junior unless the vault sells below what it paid. Restricted Coverage 110–112%. Junior exits tighten and senior mint can pause so the book can rebuild the cushion. Senior may still leave via fee or queue. Rate levers can move: senior rate can fall, junior leftover can rise to attract new junior capital. The STRC price that lands here depends on average buy (see the table above). Liquidation Coverage under 110%. The vault sells remaining STRC so senior is not left empty. Junior takes loss first. Senior only if junior is wiped out. Holders then withdraw remaining value. This stage does not reverse. What each side should know Senior: Protected by junior, not risk-free. Instant fees can rise in stress. The target rate can fall in Restricted. After junior is exhausted, senior can lose principal. Junior: Closer to leveraged STRC. Higher yield, no funding fee, no personal liquidation price. The 2-week exit is not cash at any time. Book value can sit apart from the live STRC price. Junior’s price can fall if senior leaves and the vault sells STRC below its average buy. Borrowing against junior adds more risk on top. Both: No direct STRC claim. Payments are not guaranteed. Parameters can change under governance. Junior earns more because it is the leveraged side of the same STRC book. If senior leaves and the vault sells a lot of STRC below what it paid, junior holders can lose principal. Senior holders are protected only up to that cushion. Next: Deposits and redemptions , Yield and APY , Risk Disclosures . Previous strcUSX Next Deposit and Redemption ## /solstice-for-users/yieldvault/strcusx/deposit-and-redemption Deposits and redemptions How to mint and redeem SR-strcUSX and JR-strcUSX. Overview: strcUSX . Tranche detail: Junior and Senior Tranches . Depositing How to mint Go to app.solstice.finance and connect a Solana wallet. Open the strcUSX vault. Choose SR-strcUSX or JR-strcUSX . Enter a USDC or USX amount. Confirm. The deposit converts to USX if needed, locks in the vault, and mints the token at the current mint price. Mint price Senior: the current senior price (the growing senior claim). Junior: max(book value, mark-to-market). See pricing . Capacity Senior mint is junior-led. Senior NAV may not exceed junior NAV, and coverage must hold at the issuance floor (about 200% coverage). Junior mint is generally open. Mint pricing protects existing juniors from giving away unbooked value. Before you mint Junior book value can differ from the live STRC price. Check the Proof of Solvency dashboard . You are not buying STRC shares. You are buying a vault token that settles in USX. Senior is not risk-free. Junior’s price can fall if senior leaves and the vault sells STRC below what it paid. Target yields are not guaranteed. No public minimums unless the app says otherwise. Senior redemption Path Wait Cost Notes Instant None Dynamic fee Available in normal conditions; may stay open in Restricted at a higher fee Queue 15 days Free May net against new mints Yield stops accruing when you start unlock. You cannot cancel once started. If many seniors leave at once while STRC’s price is below the vault’s average buy, the vault may sell STRC (or use the Treasury-bill cash) to pay them. That is when junior can take a hit. Junior redemption Main path: windows every 2 weeks after the first window. First window: request cut-off 23 August 2026 . Settlement 26 August 2026 . Then every 2 weeks. Each window caps how much junior supply can leave ( ~10% of junior supply per window, set by governance). Redemptions pause if paying them would breach coverage floors. Settlement price: min(book value, mark-to-market) . You cannot cancel once requested. In Restricted or Liquidation, the main junior exit tightens or closes. A DEX may still trade, often at a discount. The vault can pay exits from STRC sales and from the smaller Treasury-bill cash slice, so it does not always have to sell STRC. Junior is not “sell anytime at the stated price.” Plan for windows, caps, and stress pauses. If a sale below the average buy is booked before your redemption settles, that can still hit you. Wind-down (liquidation) If the vault liquidates and unwinds: Assets are recovered toward USX (STRC sales plus any Treasury-bill cash). Junior absorbs loss first. Senior takes remaining loss only if junior is wiped out. Claims are pro-rata inside each side. No new mints, no normal redemptions, and no further target yield. DEX exit When pools exist, secondary markets can be faster than vault exits. The DEX price can differ from vault settlement. A discount is the market’s price, not a protocol promise. Price reminder Senior grows toward its 7% target path outside liquidation. Junior book value rises with leftover yield paid in. It falls when the vault sells STRC below what it paid. A rise in STRC’s price builds a cushion. It does not raise junior’s on-screen price. Neither path is a claim that STRC will trade back to $100. Previous Junior and Senior Tranches Next Yield and APY ## /solstice-for-users/yieldvault/strcusx/yield-and-apy Yield and APY How SR-strcUSX and JR-strcUSX earn target yield. Structure: Junior and Senior Tranches . Risks: Risk Disclosures . Where the yield comes from The vault receives USX linked to a strategy that holds STRC preferred shares, plus a smaller slice of short-term US Treasury bills for cash. STRC is a Nasdaq-listed perpetual preferred of Strategy Inc. It pays a variable cash dividend on $100 stated value. Current issuer reference is about 12% annualized, paid twice a month, with the rate reviewed monthly. The coupon is not guaranteed. Dividend yield on $100 is not the same as total return. When STRC trades below $100, yield on the market price looks higher (about 13.6% near $88 with a 12% stated coupon), but someone who bought near $100 is still down if they mark the share to market. strcUSX does not erase that. It decides who gets paid first, and who covers a sale below the vault’s average buy. Token holders have no direct ownership of STRC and no direct claim on its dividend. STRC-linked strategy return ↓ USX into the vault ↓ Senior 7% target first Junior leftover after senior ↓ Senior growing price / junior book value A rise in STRC’s price does not flow into those target rates. Extra value stays in the cushion. Senior rate 7% annualized target in normal conditions Paid first from the structured stream Can be reduced in the Restricted stage Senior is STRC yield without sitting in the daily price: first in line to be paid, 7% target. It is not a claim on STRC at $100 and not a guaranteed 7%. Junior rate Junior receives the leftover after senior. Condition Approximate junior leftover ~ 200% coverage, STRC bought near $88, 12% stated coupon, 7% senior ~20% target Book filled near $100 STRC Lower leftover (high teens) Higher coverage (more junior vs senior) Lower leftover per token Lower co