What is apxUSD?

Apyx is a Dividend-Backed Stablecoin protocol that acquires preferred equity from Digital Asset Treasuries (DATs), which are publicly listed companies holding digital assets. The protocol utilizes these preferred shares as collateral, converting off-chain dividend cash flows into on-chain yield. Apyx issues two tokens: apxUSD, a synthetic dollar fully backed by DAT preferred shares, and apyUSD, an ERC-4626 vault for enhanced yield.

Risk management strategies include daily NAV reporting, auto-rebalancing based on issuer concentration and liquidity, stress testing for drawdown and rate shock scenarios, and a protocol-owned liquidity buffer for additional overcollateralization. DeFi Development Corp. is identified as a core strategic partner for the protocol.