Synthetic dollar stablecoin apxUSD, launched by Apyx Finance, is facing its most severe de-pegging crisis since inception, dropping to around $0.7369 on June 26. The core trigger of the crisis is that the underlying collateral STRC is trading at nearly a 20% discount to its $100 face value; the strategy's balance sheet, heavily tied to Bitcoin, has directly subjected STRC to the impact of Bitcoin's pullback.
STRC 20% Discount Triggers Shrinkage in apxUSD Collateral
STRC is designed to trade around a $100 face value and attracts buying through a dynamic dividend yield of 9% to 11.5%. When Bitcoin's sharp pullback dragged STRC below face value, the following chain reaction was triggered simultaneously:
· The net asset value (NAV) of collateral shrank sharply;
· Highly leveraged retail positions triggered panic liquidations;
· Because STRC fell below face value, Strategy was unable to issue new shares through the At-the-market (ATM) mechanism to raise funds to buy coins, further amplifying downward pressure.
Apyx Finance Official Response: Second De-pegging, Comparison to UST, Liquidity Mismatch Issue
This is the second time apxUSD has de-pegged: On June 4, apxUSD de-pegged to $0.90 due to Bitcoin's decline; at that time, Apyx's official statement called it a "feature not bug," emphasizing it as expected volatility of preferred stock as collateral. Facing this more severe de-pegging, the Apyx protocol is still over-collateralized and has not experienced a "death spiral" like Terra (UST), which lacked asset backing.
However, a structural issue has also been exposed: the crypto market operates 24/7, while the underlying STRC stock is limited to traditional US stock market trading hours; this "liquidity mismatch" subjects apxUSD to massive redemption pressure and secondary market selling during US stock market off-hours.
NAV-tracking Nature of apxUSD/apyUSD and High-Risk Structure Behind 10% APY
The article points out that although the dual-token model of apxUSD and its yield-bearing version apyUSD can provide over 10% annual percentage yield (APY), these assets are essentially more like "NAV-tracking assets" rather than traditional hard-pegged stablecoins, fully inheriting the high volatility risk of Bitcoin and preferred stocks.
Investors holding apxUSD (especially leveraged lending positions) are facing substantial unrealized principal losses; the market is closely monitoring Strategy's next dividend adjustment expected at the end of June, as well as whether Bitcoin's price can stabilize.
Frequently Asked Questions
Does the de-pegging of apxUSD mean the protocol is about to collapse?
According to the report, the Apyx protocol is still over-collateralized, which is fundamentally different from Terra UST—UST was an algorithmic stablecoin with absolutely no real asset backing, whereas apxUSD's collateral (STRC), although significantly devalued, still holds intrinsic value. The de-pegging reflects the discount on collateral being transmitted to the token price, rather than a systemic collapse.
Why does the 24-hour operation of the crypto market while STRC only trades during US stock hours create problems?
According to the article's analysis, the liquidity mismatch means that when Bitcoin plummets during US stock market off-hours (such as overnight or weekends), apxUSD holders may urgently need to redeem or sell, but the underlying collateral STRC cannot be traded immediately, leaving the secondary market for apxUSD without support and further exacerbating price deviation.
What risks should investors be aware of before investing in apxUSD?
According to the article, apxUSD is a "NAV-tracking token" rather than a traditional hard-pegged stablecoin, and its price fully inherits the volatility of STRC and Bitcoin. Investors should especially note the liquidation risk of leveraged positions, difficulty in redeeming during non-market hours due to liquidity mismatch, and the potential impact of Strategy being unable to utilize the ATM mechanism after STRC falls below face value.
