You've reached your guest reading limit.
By continuing, you agree to our Terms and Privacy Policy.
Apyx's apxUSD, a dividend-backed stablecoin collateralized largely by the preferred shares of bitcoin-treasury companies, broke its $1 peg this week, falling to about 92 cents as Strategy's STRC preferred stock dropped below par and bitcoin extended a steep selloff.
The stablecoin slipped to roughly 90 cents at its low on June 4 and was trading at 92 cents on Friday, according to CoinGecko, with roughly $476 million in circulating supply, DefiLlama.
apxUSD is among the first stablecoins to channel the preferred equity of digital-asset treasury companies into an onchain dollar. A stablecoin backed by the preferred stock of a company whose treasury consists mainly of a volatile asset, such as bitcoin, inherits that volatility.
