$STRC is not a stablecoin, it does not "de-peg." There is no mandatory rule that STRC has to trade at $100.

It's a preferred stock, it is meant to move up or down, and you can collect a gain on top when it falls below par.
The issue has been with @saylor's messaging. You can't expect "one penny of volatility" when the underlying asset is a 40-50 vol asset and the majority of holders are retail.
The dividend will increase, and $STRC will normalize.
I don't own $STRC because I want growth assets.
Next cycle, ETFs and MSTR wont be driving the narrative, which is important for Bitcoin's long-term adoption.
Interestingly, STRC/BTC is sitting on support.