apyUSD vaults
About Apyx Yield-Bearing USD
apyUSD is the yield-bearing savings token of the Apyx protocol, an ERC-4626 vault that wraps apxUSD — Apyx's dividend-backed synthetic dollar. Depositors receive apyUSD shares whose exchange rate against apxUSD increases continuously as dividends from Digital Asset Treasury preferred shares (such as Strategy's STRC) are streamed on-chain.
apyUSD is issued by Apyx, the first Dividend-Backed Stablecoin (DBS) protocol. The protocol transforms variable-rate perpetual preferred equity issued by Digital Asset Treasury (DAT) companies into programmable on-chain yield.
The two-token design separates liquidity from yield:
- apxUSD is the base synthetic dollar — an over-collateralised, non-rebasing stablecoin redeemable in USDC, designed for deep secondary-market liquidity.
- apyUSD is the savings layer — a non-rebasing ERC-4626 vault whose exchange rate against apxUSD rises over time as accumulated dividends are streamed into the vault.
Collateral backing consists of a diversified basket of variable-rate perpetual preferred shares from DAT companies (Strategy STRC, Strive SATA) supplemented by cash and short-duration US Treasuries. Apyx publishes monthly third-party attestations prepared by Wolf & Company, P.C., a PCAOB-registered audit firm.
apyUSD launched on Ethereum mainnet in February 2026 and is also deployed on Base. It is listed on CoinGecko and tracked on DefiLlama.
Depeg
apyUSD fell to $0.9736 during the June 2026 Apyx collateral event, alongside the more material apxUSD depeg. CoinDesk's 4 June report documents the STRC-driven discount and explains apyUSD's relationship to its underlying dollar token.
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