stable coins
By Jean-Luc Maracon
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What's Actually Backing apxUSD. Apyx says apxUSD benefits from overcollateralization, a cash and Treasury buffer, and potential…
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Strategy's Bitcoin Sale Adds Another Layer. There's a separate thread here that makes this messier.
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DeFi Exposure: Pendle and Curve in the Crosshairs. apxUSD's DeFi footprint is real and concentrated. Major holdings sit in Pendle and Curve.
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Apyx's stablecoin broke. On June 4, apxUSD slid below its dollar peg as Bitcoin hovered near $63,000, briefly touching $0.93 before conditions steadied.
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During the worst of the selloff, apxUSD traded in a range between $0.9094 and $0.9984. Volume hit $74.6 million in that window — not a thin, illiquid blip, but a real stress test.
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Not exactly your standard stablecoin setup.
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Apyx says apxUSD benefits from overcollateralization, a cash and Treasury buffer, and potential hedging strategies. That's the pitch. But preferred equity isn't cash. It trades.
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Kraken's notes on the token describe apxUSD as backed by variable-rate DAT preferred shares, with minting and redemption restricted to institutional participants only.
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So when stress hits, the people who can actually arbitrage the peg back into place — institutions — are the only ones with redemption access.
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There's a separate thread here that makes this messier. Strategy disclosed on June 1 that it sold 32 BTC to fund preferred stock distributions.
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Read also: Strategys STRC Falls 5.3% Below Par as DeFi Stablecoins Crack Under Bitcoin Pressure
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That's a lot of moving parts for something called a stablecoin.
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apxUSD's DeFi footprint is real and concentrated. Major holdings sit in Pendle and Curve. Pendle had active TVL of $118.22 million tied to apxUSD positions. Curve showed $44.
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Curve and Pendle aren't passive pools. They're yield strategies. People are using apxUSD as collateral, as a quote asset, as a yield source.
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Apyx is watching three things closely now: STRC's price relative to its $100 par value, how fast the reserve buffer can adapt to market conditions, and whether liquidity depth in…
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