Digital Credit Could Overtake Bitcoin's Market Cap

Dan Hillery, of UTXO Management, believes that digital credit backed by Bitcoin could one day rival the network's massive $1.5 trillion market cap.

Just two years ago, this concept barely existed. Today, it has grown into a roughly $16 billion market.

Hillery discussed how variable-rate preferred securities like STRC and SATA are priced, why buybacks keep them anchored near $100 par, and what separates digital credit risk from digital equity risk.