apxUSD

apxUSD (APXUSD) is a synthetic dollar issued by Apyx, which bills itself as the first dividend-backed stablecoin protocol. Instead of holding plain cash or Treasuries, apxUSD is collateralized by preferred equity issued by Digital Asset Treasuries (DATs), publicly listed companies that hold digital assets and pay monthly cash dividends. apxUSD converts those off-chain dividend cash flows into on-chain value. It ranks around 129th by market capitalization.

What is apxUSD?

apxUSD is a dollar-pegged token backed by real-world income-producing assets. Apyx acquires preferred shares from DATs, companies that keep crypto on their balance sheets and issue dividend-paying preferred equity, and holds those shares as collateral. apxUSD itself is a synthetic dollar backed by more than 100% collateral, designed to provide liquidity across DeFi and CeFi. Notably, it does not pay yield directly; that role is handled by a separate token in the system.

How does apxUSD work?

The Apyx protocol uses two tokens. apxUSD is the liquid, overcollateralized synthetic dollar meant to trade and move freely. The second token, apyUSD, is an ERC-4626 vault: users lock apxUSD into it to earn enhanced yield from the underlying dividend streams, and as dividends are distributed, apyUSD rises in value relative to apxUSD over time. Risk is managed through daily net-asset-value reporting, auto-rebalancing based on issuer concentration and liquidity thresholds, stress testing against drawdown and rate-shock scenarios, and a protocol-owned liquidity buffer that provides extra overcollateralization. DeFi Development Corp. (Nasdaq: DFDV), the first SOL-focused Digital Asset Treasury, is a core strategic partner.

apxUSD tokenomics and supply

As a collateral-backed stablecoin, apxUSD has no fixed maximum supply; it expands and contracts with minting and redemption against its collateral base, and circulating supply is currently around 373 million tokens. The token is engineered to hold a dollar peg rather than to appreciate, with yield routed to apyUSD holders instead. apxUSD has stayed near $1, ranging from an all-time low around $0.70 to an all-time high near $1.11 during stressed conditions.

What is apxUSD used for?

• A liquid synthetic dollar for use across DeFi and CeFi venues
• Collateral that can be locked into apyUSD to earn dividend-based yield
• A dollar-denominated asset backed by real-world DAT preferred equity

apxUSD is available across BNB Chain, Ethereum and Base ecosystems, making it usable across multiple networks.

Where to buy apxUSD

As a newer, specialized stablecoin, apxUSD may have narrower availability than mainstream dollar tokens. Check current listings and liquidity using our best crypto exchanges ranking, and to hold it in self-custody, use a compatible wallet from our best crypto wallets guide.

Is apxUSD a good investment?

apxUSD is a stablecoin, so it is not meant to grow in value; the associated yield sits in apyUSD. Its distinctive collateral, DAT preferred shares, introduces risks that differ from cash-backed stablecoins, including issuer credit risk, dividend reliability, liquidity of the underlying shares and the accuracy of NAV reporting. A peg is only as strong as its collateral. This is not financial advice; understand the model and its counterparty risks before using apxUSD.