TLDR
- Apyx’s apxUSD fell to $0.93 as STRC traded below its $100 par value during a broader crypto selloff.
- The protocol said the price move reflects the expected behavior of an equity-backed stablecoin structure.
- Apyx stated that it maintains collateral value above circulating supply to absorb mark-to-market drawdowns.
- The reserve basket includes STRC preferred shares along with short-term U.S. Treasuries and cash equivalents.
- Apyx said its main Morpho market tracks dividend accrual rather than STRC spot prices, limiting liquidation risk.
Apyx’s apxUSD slipped to $0.93 during a sharp crypto selloff before recovering toward $1. Bitcoin fell under $63,000, while STRC shares traded below par. The protocol said the move reflects design mechanics rather than a failure.
STRC Volatility Pressures Equity-Backed Reserves
Bitcoin price dropped to $63,000 in the past 24 hours, and risk assets moved lower. During the slide, apxUSD fell to $0.93, according to CoinMarketCap data.
ApxUSD relies mainly on preferred equity issued by digital asset treasury firms. The reserve basket centers on STRC shares with a $100 par value.
apxUSD has depegged.
Now at $0.9778.
apxUSD’s underlying asset is MicroStrategy’s STRC.
STRC’s price drop, combined with a low collateral ratio, caused the depeg.
I’m not too worried about apxUSD. It’ll repeg eventually.
That said, as a stablecoin, staying depegged for too…
— Jet (@JetXBT) June 3, 2026
The protocol buys those shares and collects dividends from them. It then distributes yield to onchain holders through its savings token.
Because preferred equity dominates reserves, apxUSD reflects price swings in STRC. When STRC trades below $100, reserve values decline, and secondary prices adjust.
Apyx stated that the move fits its structure. “This is not a bug; it is the expected behavior of a stablecoin backed by preferred equity rather than cash deposits,” it wrote on X.
The team said STRC has traded below par four times since August. In each case, prices returned to $100 after issuers adjusted dividend rates.
Apyx Details Peg Model and Morpho Exposure
Apyx runs a two-token system built around apxUSD and apyUSD. Holders deposit apxUSD and receive apyUSD, which accrues dividend income.
The base token targets $1 and does not pay yield. The savings token captures returns from STRC dividends.
The reserve basket also includes short-term U.S. Treasuries and cash equivalents. These assets provide liquidity and reduce concentration risk.
Apyx said it maintains collateral value above circulating supply. That buffer absorbs mark-to-market declines before they affect the peg.
“Users can compare the collateral position against apxUSD supply in real time through the app dashboard,” the team stated. It added that transparency supports price stability.
Some traders raised concerns about liquidations on Morpho lending markets. Apyx rejected those claims and clarified the mechanics.
It said the main apyUSD and apxUSD Morpho market tracks dividend accrual. Therefore, STRC spot volatility does not drive that oracle or trigger liquidations.
The protocol emphasized that its model anticipates equity price swings. It said holders who understand STRC’s risk profile should expect periodic adjustments.
ApxUSD traded below $1 for a short period before stabilizing. STRC remained under $100 at the time of reporting.
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