apxUSD

apxUSD is a synthetic dollar stablecoin designed to track the value of one US dollar, created by the Apyx protocol. It is backed by preferred equity shares issued by publicly listed companies that hold digital assets on their balance sheets and pay monthly cash dividends, a category Apyx calls Digital Asset Treasuries. The asset is aimed at participants in both decentralized and centralized finance who want a dollar-denominated token that can circulate broadly while the underlying collateral generates yield elsewhere in the Apyx system.

The protocol acquires preferred shares from Digital Asset Treasury companies and holds them as collateral at a ratio exceeding 100 percent of the apxUSD supply, converting the cash dividends those shares pay into on-chain yield. apxUSD itself does not distribute that yield directly; instead, users who want yield lock apxUSD into a separate ERC-4626 vault token called apyUSD, which appreciates in value as dividends accumulate. apxUSD exists across multiple networks including Ethereum, Solana, BNB Chain, and Base, and the protocol manages collateral risk through daily net asset value reporting, concentration limits, liquidity thresholds, and stress testing.

The data provided does not include an explicit fee stream attributed to apxUSD, so there are no fee-based measures such as protocol revenue or fee yield available on this page. The economic return generated by the underlying preferred share dividends flows to holders of the separate apyUSD token rather than to apxUSD holders. The circulating stablecoin supply stands at 304,586,104.86 tokens on a point-in-time basis, and that supply has changed by negative 3.94 percent over the trailing 30 days, meaning the outstanding float has contracted modestly over that period.