Michael Saylor's proposed "Three-Layer Architecture of Digital Credit" at the Strategy World 2026 conference is a significant milestone in the development history of Bitcoin. The first layer, "Digital Capital," is Bitcoin itself, serving as the ultimate collateral; the second layer, "Digital Credit," consists of financial instruments issued based on Bitcoin, such as Strategy's perpetual preferred stock STRC, offering an annualized return of about 10%; the third layer, "Digital Currency," is stablecoins derived from the aforementioned credit, such as USDat issued with STRC and U.S. Treasury bonds. This system aims to transform Bitcoin from a passive "digital gold" into an active, income-generating financial underlying asset.

The macro environment in 2026 provides a unique foundation for this concept. The traditional "Four-Year Cycle Theory" of Bitcoin is failing, institutional pricing power is gradually establishing itself, and while JPMorgan reaffirms a long-term target of $266,000, Standard Chartered warns of a possible bottom around $50,000. This divergence on Wall Street has precisely fueled hedging demand. Saylor's structured products aim to attract conservative funds that are optimistic about Bitcoin but cannot tolerate high volatility. On the regulatory front, the enactment of the U.S. FIT21 Act and the EU's MiCA regulation provides a legal basis for issuing digital credit products.

Technologically, the Bitcoin Layer 2 ecosystem is exploding. Citrea has launched its mainnet based on ZK-Rollup, Rootstock has introduced lending protocols, and total locked value has surpassed $3 billion, reflecting strong market demand for "Bitcoin productivity." Saylor's capital layer innovations resonate with these technological advances, jointly addressing Bitcoin's income-generating issues. The convergence of RWA and stablecoins is accelerating; protocols like Ondo Finance have issued over $5 billion in U.S. Treasury-backed tokens. Saylor's USDat packages U.S. Treasuries with Bitcoin preferred stocks, seeking a balance between crypto-native and traditional compliant assets.

However, this system faces severe challenges. First is the risk of "paper Bitcoin," as the nominal value of global Bitcoin derivatives has already exceeded the physical market value by twofold, potentially impacting price discovery due to excessive synthetic exposure. Second is regulatory gray areas; USDat involves securities, commodities, and currency sectors, with high compliance thresholds. Third is the reliance on a single source of yield; the 10% annualized return depends on Bitcoin's long-term appreciation, which may be unsustainable in a prolonged bear market. Custody security and technical risks are also looming threats.

Nevertheless, Saylor's vision represents an inevitable direction for the evolution of crypto finance. Strategy is transforming from a software company into a "Digital Asset Minting Bureau," leveraging capital market advantages to package Bitcoin into securities familiar to traditional investors. Against the backdrop of continuous global M2 money supply growth and unsustainable sovereign debt, this system offers a way for global capital to escape fiat currency inflation. If successful in the future, individuals will use stablecoins based on Bitcoin credit for payments, and institutions will gain stable exposure through preferred stocks, realizing Saylor's vision that "the world is built on digital capital and operates within digital credit."