APXUSD apxUSD Rank #132

apxUSD is a synthetic dollar token issued by Apyx, a protocol that operates on Ethereum and Base within the broader Ethereum ecosystem. It is designed as a stablecoin backed by over 100% collateral held in preferred equity issued by Digital Asset Treasuries, which are publicly listed companies that hold digital assets on their balance sheets and pay monthly cash dividends on their preferred shares. Rather than paying yield directly to holders, apxUSD functions as a liquidity-focused stable unit intended for movement across decentralized and centralized finance venues. The broader Apyx protocol acquires these dividend-paying preferred shares as collateral and channels the resulting offchain cash flows into onchain yield. To capture that yield, users can deposit apxUSD into apyUSD, an ERC-4626 vault share that gains value relative to apxUSD as dividends are distributed. The protocol oversees its collateral base through daily net asset value reporting, automated rebalancing tied to issuer concentration and liquidity thresholds, stress testing under drawdown and rate shock scenarios, and a protocol-owned liquidity buffer serving as additional overcollateralization. DeFi Development Corp., a publicly listed Solana-focused digital asset treasury, acts as a core strategic partner.