Apyx’s apxUSD stablecoin slipped to about $0.93 on June 4, a roughly 7% drop from its dollar target, as Bitcoin fell sharply and Strategy’s STRC preferred shares traded below their $100 stated value.
The decline turned apxUSD into a live stress test for one of DeFi’s more unusual stablecoin models. Unlike fiat backed stablecoins such as USDC and USDT, apxUSD is backed by dividend bearing preferred shares from digital asset treasury companies, with Strategy’s STRC serving as a core collateral asset.
Apyx describes itself as the first dividend backed stablecoin protocol. Its model uses preferred shares from public companies to mint onchain dollars, with the dividend income supporting the protocol’s yield layer. apxUSD is the non yield stable asset, while apyUSD captures dividend income through a separate savings token.
The key difference is that apxUSD’s collateral is not simply cash or short term Treasuries. It is exposed to publicly traded preferred equity, which can move with market conditions.
That makes apxUSD’s dollar stability partly dependent on the market value, liquidity, and dividend reliability of assets such as STRC.
