How Buck is Backed

How BUCK is backed by STRC

STRC: The Sole Collateral

BUCK is backed by STRC — Strategy's perpetual preferred stock (NASDAQ: STRC). The protocol holds STRC in its treasury and maintains a USDC liquidity reserve for instant redemptions, when approved.

Backing Structure

Component	Purpose	Composition
STRC Treasury	Yield generation + collateral	STRC (Strategy preferred stock)
Liquidity Reserve	Instant redemptions	USDC

Collateralization Ratio

Collateralization Ratio = (STRC Treasury Value + USDC Reserve) / (BUCK Supply x BUCK Price)

Current Target: 100%+

STRC is Strategy's perpetual preferred stock — SEC-regulated, NASDAQ-listed, with $2.25B in cash reserves covering 77+ years of dividends. For full STRC details, see Yield Overview.

Layered Protection

Layer 1: STRC dividends are contractually obligated (preferred equity)
         ↓
Layer 2: Strategy has $2.25B cash to cover 77+ years of dividends
         ↓
Layer 3: Strategy holds $60B+ in Bitcoin (5x overcollateral for STRC)
         ↓
Layer 4: Buck Protocol maintains 100%+ collateral ratio on top of all this

Independent Verification

The Network Firm (Monthly Attestations)

Buck's reserves are independently verified monthly by The Network Firm:

Verified Item	Description
STRC Holdings	Quantity and USD value
USDC Reserve	Liquidity reserve balance
BUCK Supply	Total outstanding tokens
Collateral Ratio	Calculated and confirmed

For on-chain verification and key addresses, see Independent Reserve Attestations and Smart Contracts.

Security

Measure	Details
Custody	Fireblocks institutional custody
Multi-sig	Treasury controlled by multi-signature MPC wallet
Audits	Cyfrin, Halborn, Spearbit
Attestations	Monthly by The Network Firm
Smart contracts	UUPS proxy with 48-hour timelock

---

Next: Risk Framework →