A dollar token backed by crypto-company preferred shares (STRC); the yield is preferred-dividend exposure.
Yield comes from dividend exposure to crypto-company preferred shares (STRC, 11.25% coupon), concentrated in a single collateral class.
Official exit goes through the apyUSD vault — async ERC-7540 with a ~20-day cooldown, no interest accrues meanwhile; apxUSD itself can be sold instantly on Curve.
The peg relies on the preferred shares staying above par; a sharp BTC drawdown can push them below par and break the peg.
Secondary apxUSD–USDC liquidity on Curve; depth is limited, large exits face slippage.
Apyx — the protocol launched only ~3.5 months ago, so its on-chain history is short.
Live from DeFiLlama with on-chain verification. Data verified 70m ago.