Apyx Finance's apxUSD Slips to $0.90–$0.93 as STRC Preferred Shares Weaken

Apyx Finance's apxUSD—marketed as the first dividend-backed synthetic stablecoin—broke its $1 peg on June 4, sliding to roughly $0.90–$0.93. The move followed a drop in STRC preferred shares, the key collateral supporting the token's value. The depeg coincided with Bitcoin's decline below $63,000, which weighed on Bitcoin-linked equities. That pressure extended to Digital Asset Treasury (DAT) firms whose preferred shares are used to back apxUSD. The gap from peg reached about 7–10%, a jolt for DeFi markets given apxUSD's circulating supply is estimated at $415 million to $476 million. How apxUSD is structured Unlike fiat-reserved stablecoins, apxUSD is collateralized with preferred shares of DAT companies—specifically STRC shares. As of March 2026, Apyx Finance reported holding about 288,888 STRC shares valued near $29 million. The protocol targets an overcollateralization ratio above 100%, indicating the collateral value is intended to exceed the stablecoin's outstanding value. The system relies on multiple stabilizers: preferred dividend payments from the underlying DAT issuers as an ongoing cash-flow source, cash buffers designed to damp short-term swings, and arbitrage incentives that encourage buying apxUSD when it trades below $1 and redeeming when it trades above $1. A notable detail is that redemptions are settled in USDC, not by delivering STRC shares directly. Apyx also issues a companion token, apyUSD, which is designed to capture yield derived from dividends generated by the collateral. New apxUSD issuance is limited to authorized participants, a structure aimed at avoiding uncontrolled supply expansion. STRC has dipped before STRC preferred shares have traded below par value four times since August 2025, and each time rebounded. Apyx Finance described the June 4 depeg as an expected event rather than a breakdown of the model. There were no reports of widespread liquidations across connected lending venues, suggesting the broader DeFi ecosystem absorbed the price dislocation without a cascade. Investor takeaways The dividend element introduces an income component that most traditional stablecoins lack. If DAT issuers keep paying preferred dividends, those cash flows can serve as a fundamental value driver separate from token price momentum. At the same time, preferred shares tied to Bitcoin-focused companies tend to move with Bitcoin. A stablecoin backed by Bitcoin-correlated assets can inherit that correlation at the most difficult moments—during sharp market drawdowns. The prior STRC recoveries since August 2025 occurred amid a broadly supportive crypto macro backdrop. In the coming weeks, investors will likely focus on the protocol's overcollateralization ratio. A rebound in STRC consistent with past episodes could help apxUSD drift back toward $1; continued weakness would put greater strain on cash buffers and arbitrage mechanisms.