A stablecoin tied to Strategy stock depegs putting a new DeFi dollar risk in focus as Bitcoin sells off
apxUSD fell below its $1 reference on June 4, briefly near $0.93 and trading around $0.9176 as Bitcoin slid about 5.8%. The move highlighted that apxUSD is not a standard cash-backed stablecoin: it is a synthetic dollar backed mainly by Strategy’s STRC preferred stock, with cash and short-term Treasuries as a liquidity buffer. Apyx says the token can trade above or below $1 and relies on overcollateralization, arbitrage, and whitelisted mint/redemption flows. Liquidity is limited for ordinary users, with exits often routed through secondary markets and an asynchronous redemption process. Exposure is concentrated in Pendle and Curve, where apxUSD/USDC trading volume was heavy. The event shows DeFi importing credit, liquidity, and confidence risk from public-market preferred equity, especially if STRC weakens or liquidity thins.
