Key facts
- Apyx's apxUSD stablecoin depegged to $0.93 during a crypto selloff.
- The protocol stated the depeg is an expected behavior of its equity-backed structure.
- STRC shares, a primary reserve asset, traded below their $100 par value.
- Apyx maintains collateral value above circulating supply to absorb mark-to-market declines.
- The reserve basket includes STRC preferred shares, U.S. Treasuries, and cash equivalents.
Apyx's apxUSD stablecoin experienced a brief depeg, trading as low as $0.93 amid a broader cryptocurrency market downturn and weakness in its underlying asset, STRC shares. The protocol emphasized that this price movement is an intended feature of its design, reflecting the behavior of a stablecoin backed by preferred equity rather than traditional cash deposits. Apyx stated that its reserve basket, which includes STRC preferred shares, short-term U.S. Treasuries, and cash equivalents, is structured to maintain a collateral value above the circulating supply. This buffer is designed to absorb mark-to-market declines. The protocol also clarified that its primary Morpho market tracks dividend accrual rather than STRC spot prices, mitigating liquidation risks. STRC shares have previously traded below par, with issuers adjusting dividend rates in those instances. Apyx highlighted its commitment to transparency through its app dashboard for real-time collateral position monitoring.