apyUSD

apyUSD (APYUSD) is a yield-bearing vault token issued by the Apyx protocol on Ethereum. It follows the ERC-4626 tokenized-vault standard and wraps apxUSD, a US-dollar-denominated stablecoin backed by preferred equity shares from Digital Asset Treasury (DAT) companies. Holders earn passive income without staking or manually claiming rewards, because the value accrues directly into the token's exchange rate.

What is apyUSD?

apyUSD is a receipt token for a yield vault. When users deposit apxUSD into the Apyx yield vault, they receive apyUSD in return. The vault collects cash dividends paid by the DAT preferred shares that back apxUSD, then passes that income to holders by steadily raising the apyUSD-to-apxUSD exchange rate over time. Both apxUSD and apyUSD are ERC-20 tokens on Ethereum, and apxUSD is listed separately on market trackers.

How does apyUSD work?

The design mirrors well-known yield tokens such as Maker's sDAI and Ethena's sUSDe: rather than dripping out new tokens, the vault increases how much apxUSD each apyUSD can be redeemed for. This exchange-rate appreciation means simply holding the token grows its underlying value. The Apyx protocol also integrates with the wider DeFi stack, connecting to Pendle for yield tokenization and trading and to Morpho for use as lending collateral.

• Built on the ERC-4626 tokenized-vault standard
• Wraps apxUSD, backed by DAT preferred equity shares
• Yield accrues via a rising exchange rate, not new token emissions
• Integrates with Pendle and Morpho; custody by Anchorage Digital and BitGo

apyUSD tokenomics and supply

Because apyUSD is minted only when apxUSD is deposited, its supply tracks vault participation rather than a fixed emission schedule. Circulating and total supply are equal at roughly 121.95 million APYUSD, with no hard maximum cap. Its market price has ranged from an all-time low near $0.952 to an all-time high around $1.52, reflecting the accumulating exchange rate as dividends compound into the token.

What is apyUSD used for?

apyUSD serves holders who want dollar-denominated yield sourced from real-world instruments without active management. It can be held passively for its appreciating value, tokenized and traded through Pendle, or supplied as collateral on Morpho. Custody for the underlying DAT preferred-share collateral is handled by regulated providers Anchorage Digital and BitGo, which is central to the product's trust model.

Where to buy apyUSD

apyUSD is typically obtained by depositing apxUSD into the Apyx vault, and it circulates across DeFi venues on Ethereum. Compare access points and liquidity in our best crypto exchanges ranking, and review our best crypto wallets guide for an ERC-20-compatible wallet, since apyUSD is a standard Ethereum token.

Is apyUSD a good investment?

apyUSD offers a yield profile tied to DAT preferred-share dividends, but its stability depends on the performance of that underlying collateral and the solvency of the custody and issuance arrangements. Yield-bearing stablecoins carry smart-contract, counterparty and collateral risks that a plain stablecoin does not. This is not financial advice; understand what backs apxUSD before depositing.