apyUSD

apyUSD is a yield-bearing vault token issued by the Apyx protocol on Ethereum. It follows the ERC-4626 tokenized vault standard, which defines a common interface for deposit tokens that accrue value, making them easier for other DeFi applications to integrate.

How apyUSD works

The vault wraps apxUSD, a separate dollar-denominated token backed by preferred equity shares issued by digital asset treasury companies. Users deposit apxUSD into the Apyx vault and receive apyUSD in return. The vault collects cash dividends paid by those preferred shares and passes the income to holders by increasing the redemption value of each apyUSD relative to the underlying apxUSD. This is the standard ERC-4626 accrual model, where the token count stays fixed and the exchange rate rises rather than new tokens being distributed.

There is no fixed maximum supply. Tokens are minted on deposit and burned on withdrawal, so the outstanding amount reflects capital in the vault, currently around 133 million. The token is deployed across the Ethereum, BNB Chain, and Base ecosystems according to its categorisation.

Role in the ecosystem

apyUSD belongs to the yield-bearing stablecoin category, where the yield source differs meaningfully between products. Here the income is derived from dividends on preferred equity of companies that hold digital assets on their balance sheets, which is a corporate credit and equity exposure rather than a government debt exposure. That distinction matters: the risk profile is closer to holding preferred shares of a specific set of companies than to holding treasury bills. Understanding the credit quality of the issuing companies is therefore central to assessing the product, more so than any feature of the vault wrapper itself.