Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$0Buyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $0 | -- | -- | -- |
| Sep 2026 | $0 | -- | -- | -- |
| Aug 2026 | $0 | -- | -- | -- |
| Jul 2026 | $0 | -- | -- | -- |
| Jun 2026 | $0 | -- | -- | -- |
| May 2026 | $4.36K | -- | -- | -- |
Comparison
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People
About Apyx
Apyx is a stablecoin protocol built around a dual-token system: apxUSD, a non-yield-bearing stablecoin, and apyUSD, a yield-bearing stablecoin. The protocol's core business is straightforward: users deposit USDC to mint apxUSD, which can be staked to earn apyUSD. Behind the scenes, an off-chain treasury allocates the deposited capital into a diversified basket of low-volatility, dividend-paying preferred stocks and short-term U.S. Treasuries. The dividends collected are converted into on-chain yield and distributed to apyUSD holders through a rising redemption value.
Its core competitive narrative is "Digital Credit" — bridging traditional finance and DeFi by using publicly traded preferred equity as collateral. This differs from most stablecoins backed by cash or volatile crypto assets. The protocol emphasizes transparency: it publishes daily NAV (net asset value) dashboards, provides third-party attestations, and discloses the exact composition of its collateral basket. The yield is generated from real-world dividends, not from leveraged crypto trading or opaque strategies.
The market pain point it addresses is the opportunity cost of holding traditional stablecoins like USDT or USDC, which generate zero yield. Users seeking yield must take on additional risks via lending platforms or liquidity pools. Apyx aims to solve this by offering a stablecoin that inherently accrues yield from transparent, regulated, real-world assets, while maintaining a stable $1 peg.
In the past six months (March to September 2026), the most notable development was a brief depeg event in early June 2026. apxUSD dropped to around $0.93 on secondary markets after a sharp decline in the price of its underlying preferred stock holdings. The protocol responded by stating this was a "feature, not a bug," arguing that the depeg reflected the mark-to-market of the underlying assets, not a flaw in the system. It clarified that the primary lending market for apyUSD/apxUSD is driven by dividend accrual, not the spot price of the preferred stocks, so the volatility did not trigger liquidations. This event highlighted both the risks of asset-backed stablecoins and the protocol's resilience in maintaining its core operations.
Apyx launched on Ethereum mainnet in February 2026 as the world's first Dividend-Backed Stablecoin (DBS) protocol. Its core asset, apxUSD, is collateralized by preferred equity (STRC) issued by Digital Asset Treasury (DAT) companies, converting traditional corporate dividend cash flows into on-chain yields.
Shortly after launch, Apyx underwent a major stress test: STRC price fell sharply from par, and apxUSD traded as low as $0.90, yet the protocol remained solvent throughout. Based on this event, Apyx introduced its 2.0 upgrade, featuring transparent metrics that separate Redemption Value from Total Collateral Value, along with a new RFQ (Request for Quote) redemption mechanism that effectively eliminated first-mover drain risk.
On the capital front, Apyx closed a strategic funding round at a $300 million valuation and grew its STRC-backed stablecoin circulation to over $50 million within weeks. Its STRC holdings progressively increased from an initial $200,000 to $28.76 million, with plans to become the largest STRC holder. Additionally, Solana treasury company DeFi Development, after investing in Apyx, announced plans to launch a similar dividend-backed stablecoin, validating the model's viability.
Apyx also secured institutional-grade custody support from BitGo and maintains approximately 104% overcollateralization, laying the foundation for long-term development.
Over the past six months (2026-03-04 to 2026-09-04), Apyx has made significant strides. It launched aptUSD, a U.S. Treasury-backed yield-bearing token with zero fees and no lockups, live on Ethereum and expanding to BNB Chain, Base, and Solana. Following a major stress test, Apyx introduced version 2.0, clarifying redemption value and total collateral value, and adding an RFQ redemption system to improve resilience. Apyx also partnered with Royco to launch the first tranched onchain digital credit yield product based on apyUSD, and integrated Chainlink CCIP and Data Feeds to strengthen cross-chain infrastructure. Looking ahead, Apyx plans to expand its assets across more chains, enhance DeFi integration, and continue building a platform for diverse onchain yield opportunities.
Apyx is a Dividend-Backed Stablecoin (DBS) protocol founded by a team of seasoned crypto and traditional finance operators.
Joseph Onorati: Founding Contributor. Former Kraken Chief Strategy Officer (8 years), founder of Canada's first Bitcoin exchange CaVirtEx, and crypto market-making firm. Currently CEO of DeFi Development Corp (NASDAQ: DFDV).
Parker White, CFA: Founding Contributor. Former Kraken Director of Engineering (AI & ML), with prior experience in traditional finance managing ~$2B assets. Currently COO & CIO of DFDV.
John Han, CFA: Founding Contributor. Former VP Finance at Binance, Head of Strategic Finance at Kraken, and equity research at Goldman Sachs. Currently CFO of DFDV.
Pete Humiston: Founding Contributor. Former Head of Research at Kraken Intelligence, began career in Sales & Trading at Jefferies. Currently CMO of DFDV.
Dawson Reid: Founding Contributor. 9 years at Kraken across full engineering stack; 15+ years software engineering experience, in crypto since 2013.