Apyx's apxUSD Stablecoin Briefly Depegs to $0.93 Amid Bitcoin Volatility

On Dec. 11, Apyx protocol's preferred-equity-backed stablecoin, apxUSD, briefly depegged to approximately $0.93 as Bitcoin (BTC) plummeted below the $63,000 threshold. According to CoinMarketCap data, the volatility in the stablecoin's value mirrored fluctuations in its primary reserve asset, Strategy's STRC preferred shares. Apyx noted that while STRC has traded below its $100 par value four times since August 2023, it has historically rebounded to par. The protocol emphasized its multi-layered stability design, including dividend rate adjustments and over-collateralization, to mitigate mark-to-market declines. Despite market concerns regarding potential cascading liquidations on Morpho lending markets, Apyx clarified that its apyUSD/apxUSD market is driven by dividend accrual rather than STRC spot prices, effectively insulating users from liquidation risks during temporary price swings.