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Apyx Finance (apxUSD)

avoid.net/apyx-finance-apxusd→32/100·72% conf.
[AI-DRAFTED · AWAITING VERIFICATION]
anchored·4Mv383…3sgX

Summary

Apyx Finance is a DeFi stablecoin protocol launched on Ethereum mainnet in February 2026 that introduced apxUSD, a synthetic dollar it describes as the first 'Dividend-Backed Stablecoin' (DBS), backed primarily by preferred equity shares from Bitcoin treasury companies, chiefly Strategy's STRC. On June 4, 2026, apxUSD depegged to as low as $0.9094 during a Bitcoin selloff, and the protocol characterized the 7-10% deviation as expected behavior rather than a model failure, offering no remediation plan. With a circulating supply of approximately $415M-$476M and liquidity heavily concentrated in Pendle and Curve, the protocol presents novel correlated equity-crypto drawdown risk to any DeFi system using apxUSD as stable collateral.

Connected Entities

1 entities · 10 linked investigations
Protocols
⌂Apyx Finance (apxUSD)
Relationships
    Also appears in
    edgeX Exchange·28Mach-O Man Malware Campaign (Lazarus / Chollima)·0Alephium Bridge·18Bunni Protocol·28BitGrail·2Chen Zhi / Prince Group·2Thorchain DEX·28Crossmint·70Access Protocol·47Orca·80
    Have evidence about Apyx Finance (apxUSD)?

    Timeline(7 events)

    2025-08-01

    Strategy's STRC preferred shares first dipped below $100 par value; the protocol notes this as the start of a pattern of four par-value breaches before the June 2026 event.

    Crypto Briefing

    2026-01-01

    Apyx seed funding round closed at a $70 million valuation.

    Apyx Blog

    2026-02-26

    Apyx closed a $300 million valuation strategic round and DeFi Development Corp. (Nasdaq: DFDV) announced it was the first institutional investor in the protocol.

    GlobeNewswire

    2026-02-28

    Apyx launched apxUSD on the Ethereum mainnet.

    Apyx Blog

    2026-03-01

    Apyx held approximately 288,888 STRC shares valued at roughly $29 million, having expanded its holdings to target the position of largest STRC holder.

    Crypto Briefing

    2026-06-04

    Bitcoin fell below $63,000; STRC dropped below its $100 par value; apxUSD depegged to a 24-hour low of $0.9094 with $74.6 million in trading volume. Apyx publicly stated the depeg was 'expected behavior, not a failure' with no remediation plan.

    CoinDesk

    2026-06-05

    CryptoSlate and other outlets published analysis of systemic DeFi risk from apxUSD's novel collateral model; liquidity concentration in Pendle (64.62% of TVL) and Curve (24.39%) identified as amplifying factors.

    CryptoSlate
    Provenance & Audit Trail
    Anchored on SolanaVerify on-chain

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.

    full audit log →version history →

    model: claude-sonnet-4-6

    generated: 6/21/2026, 12:15:43 PM

    last updated: 6/21/2026, 12:15:55 PM

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