apyUSD

apyUSD is a yield-bearing vault token issued by the Apyx protocol on Ethereum, designed for holders of apxUSD who want to earn passive income on a USD-denominated stablecoin without manually claiming rewards. It addresses the problem of idle stablecoin capital by automatically accumulating cash dividends generated by preferred equity shares issued by Digital Asset Treasury companies. The intended users are those already holding apxUSD who want their balance to grow over time through an appreciating exchange rate rather than through additional token distributions.

Users deposit apxUSD into the Apyx yield vault and receive apyUSD in return, following the ERC-4626 token standard on Ethereum, which means apyUSD represents a proportional claim on the vault's growing pool of apxUSD. Cash dividends paid by the underlying DAT preferred share collateral — held in custody by Anchorage Digital and BitGo — flow into the vault and cause the apyUSD-to-apxUSD exchange rate to rise over time, so holders earn yield simply by holding the token. The protocol also integrates with Pendle for yield tokenization and trading, and with Morpho where apyUSD can serve as lending collateral.

The data provided does not include a fee rate or a direct fee revenue figure for the Apyx protocol, so no fee-based performance measures can be calculated from what is stored here. The economic return for apyUSD holders comes from dividend income generated by the underlying DAT preferred share collateral, which raises the redemption exchange rate rather than distributing separate tokens. What the protocol itself retains from that income stream is not specified in the available data.