Apyx's stablecoin suffers a brief depeg. Protocol says its a feature, not bug
apxUSD, the Apyx protocol’s equity-backed stablecoin, briefly fell to about $0.93 during a crypto selloff that also pushed bitcoin lower. Its main backing comes from Strategy’s STRC preferred shares, plus some Treasuries and cash equivalents. Apyx uses a two-token model: apxUSD is the non-yielding $1 stablecoin, while apyUSD is the yield-bearing token backed by dividend income from the reserve assets. Because most reserves are in preferred equity, apxUSD can move when STRC trades below its $100 par value. Apyx says the peg has multiple defenses, including the ability for issuers to raise dividends to support share prices and an overcollateralized reserve buffer. It also said concerns about Morpho liquidations were overstated because the main apyUSD/apxUSD market is based on dividend accrual rather than STRC spot price.
