apxUSD

apxUSD is a synthetic dollar issued by Apyx, a protocol that describes itself as the first dividend-backed stablecoin system. Its collateral is unusual: rather than holding Treasury bills or crypto assets, the protocol acquires preferred equity issued by digital asset treasury companies.

Those companies are publicly listed businesses that hold digital assets on their balance sheets and fund themselves partly by issuing preferred shares that pay monthly cash dividends. Apyx buys those preferred shares, holds them as collateral, and converts the off-chain dividend payments into on-chain yield.

Two-token structure

The protocol separates stability from yield. apxUSD is the synthetic dollar, backed by more than one hundred percent collateral in those preferred shares, and it does not pay yield directly. It is intended to circulate as liquidity across decentralized and centralized venues. A second token, apyUSD, is the yield-bearing counterpart that captures the dividend income.

This separation is a common pattern in newer stablecoin designs, because a token that pays yield to holders faces different regulatory treatment and different liquidity behavior than one that does not.

Supply and risk considerations

apxUSD has no fixed maximum supply, with roughly 324 million tokens outstanding. It is available on Ethereum, BNB Chain, and Base.

The collateral type carries specific risks worth understanding. Preferred shares in digital asset treasury companies are exposed to those companies' ability to keep paying dividends, which in turn depends on their access to capital markets and on the value of the digital assets they hold. That is a correlated risk: a broad decline in crypto asset prices could pressure the issuers of the collateral at the same time as demand for the stablecoin falls.