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 denominated in US dollars. It addresses the problem of idle stablecoin capital by routing that capital into dividends paid by preferred equity shares held in Digital Asset Treasury companies. It is intended for users who want dollar-denominated yield without manual claiming or staking.

Users deposit apxUSD, itself a USD-denominated stablecoin backed by DAT preferred equity shares, into the Apyx yield vault and receive apyUSD tokens in return under the ERC-4626 standard. The vault collects cash dividends from those preferred shares and reflects that income by continuously increasing the exchange rate at which apyUSD can be redeemed for apxUSD, so the token appreciates in apxUSD terms over time rather than distributing cash. The underlying collateral is custodied by Anchorage Digital and BitGo, and the token integrates with Pendle for yield tokenization and Morpho for use as lending collateral.

The yield that accrues to apyUSD holders originates from cash dividends paid by the preferred equity shares that back apxUSD, not from protocol trading fees or borrowing spreads. The data provided does not include a discrete fee figure for the Apyx protocol itself, so no fee-based measures such as fee yield or revenue multiples are available on this page. The entire circulating supply of 115,551,137.87 tokens represents 100 percent of supply issued, with no dilution overhang and a fully diluted value equal to the market capitalization of approximately 161,430,332 US dollars at the recorded price of 1.40 US dollars.