APYUSD apyUSD Rank #192

apyUSD is an ERC-20 yield-bearing vault token issued by the Apyx protocol on Ethereum. It is created when users deposit the protocol's apxUSD token into the Apyx yield vault, with the vault's exchange rate between the two assets rising over time to reflect accumulated cash dividends from the underlying collateral. Because the yield is built into the exchange rate, holders earn income passively without needing to stake, lock, or manually claim rewards — a mechanism conceptually similar to tokens such as Maker's sDAI and Ethena's sUSDe. Both apxUSD and apyUSD operate on Ethereum as standard ERC-20 tokens, and apyUSD also functions within the Base ecosystem. The protocol extends its utility through integrations with Pendle, which supports yield tokenization and trading, and Morpho, which allows apyUSD to be used as lending collateral. Custody of the underlying preferred-share collateral is handled by institutional digital asset custodians Anchorage Digital and BitGo, giving the token a category profile that combines yield-bearing stablecoin functionality with broader DeFi composability.