Apyx’s apxUSD fell below $0.80, deepening a fresh depeg for the dividend-backed stablecoin as pressure returned across Strategy-linked credit products. apxUSD recently traded near $0.7702, down 9.1% over 24 hours and 12.8% over seven days.
The token’s 24-hour range widened sharply, with CoinGecko tracking a low near $0.7320 and a high near $0.8469. Trading volume reached about $17.85 million, while market capitalization fell near $295.4 million based on roughly 380 million APXUSD in circulation.
The latest move is deeper than Apyx’s earlier June stress event, when apxUSD traded as low as $0.90 during STRC volatility. Apyx later said the protocol remained solvent during that episode and introduced a clearer framework around Redemption Value, Total Collateral Value and RFQ redemptions.
apxUSD is not structured like a fiat-backed stablecoin holding only cash, bank deposits or Treasury bills. apxUSD is a dividend-backed dollar supported by preferred equity from Digital Asset Treasury companies, plus Treasuries and cash equivalents. The protocol’s two-token model uses apxUSD as the base stablecoin, while apyUSD is the yield-bearing version that accrues returns from the underlying dividend stream.
That design links apxUSD to the market value and liquidity of its collateral. Strategy’s STRC preferred stock is one of the key assets in the Apyx structure, and STRC’s drop below $76 has already raised fresh pressure around Strategy’s preferred-stock funding stack. STRC recently traded near $78.28 after touching an intraday low of $73.65, keeping it far below the $100 stated amount around which the preferred-stock structure is designed.
When STRC trades at a large discount, the market can reprice apxUSD below $1 because the stablecoin’s backing is exposed to preferred-equity drawdowns. The move does not by itself confirm a protocol exploit, missing collateral or bad debt event. It shows that secondary markets are applying a heavier discount to the structure while collateral confidence, redemption mechanics and liquidity depth are under pressure.
apxUSD is now the latest DeFi-linked dollar asset to break sharply from its intended price zone. Magic Internet Money recently fell near $0.50 after Abracadabra moved to raise Cauldron rates and stop incentives, turning another collateral-backed stablecoin into a live liquidity test.
The two cases are different, but both show the same market pressure point. Stablecoins backed by collateral, credit positions or protocol incentives can trade well below $1 when liquidity thins, confidence falls or backing assets become harder to price. Apyx’s structure adds a public-market credit layer through preferred shares, while MIM’s stress has centered on borrowing markets, liquidity pools and supply contraction.
Apyx’s June redesign was meant to make redemption behavior clearer under stress. Apyx 2.0 introduced Redemption Value and Total Collateral Value, with the protocol aiming to separate the price used for minting and redemption from the full reserve value that includes the overcollateralization buffer. The same update also outlined an RFQ redemption system for periods when automated pricing may not give holders enough execution flexibility.
apxUSD now trades near $0.77 after touching $0.7320 in the 24-hour window. STRC remains below $80, MIM remains far from peg, and DeFi dollar assets tied to credit, collateral and liquidity mechanics are facing a wider market test as Bitcoin and preferred-stock-linked structures keep sliding.
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