Since January, at least three issuers have introduced stablecoin-like tokens primarily backed by Strategy's Stretch perpetual preferred shares, collectively managing over $100 million. According to NS3.AI, these products expand Michael Saylor's borrow-to-buy-Bitcoin strategy into an additional layer of leverage, which remains vulnerable if Bitcoin's value declines.#stablecoin #tokens #Strategy #Stretch #preferredshares #MichaelSaylor #borrowtobuy #Bitcoin #leverage #NS3AI #BTC