Apyx
About
Apyx is a dividend-backed stablecoin protocol that transforms preferred equity from Digital Asset Treasury (DAT) companies into programmable digital dollars. The protocol uses a two-token system featuring apxUSD (a non-yield bearing stable asset for trading and DeFi collateral) and apyUSD (a yield-bearing wrapper that generates double-digit returns). It targets long-term savers seeking high yields with low volatility and traders wanting to access yield-bearing stablecoin opportunities across DeFi.
Where Does Yield Come From?
The yield comes from dividends paid by preferred shares of Digital Asset Treasury companies. For example, Strategy (MSTR) pays dividends through instruments like STRC (which pays about 11% per year) and SATA (starting around 12.5% per year). These dividends are paid in cash every month.
The cash dividends are converted into apxUSD (the protocol's stablecoin) and sent to the apyUSD vault via a special smart contract called the YieldDistributor.
Instead of paying the yield all at once, the protocol uses linear vesting—for example, over 20 days—so the yield is streamed to holders continuously.
How the yield rate is set: Each month, the protocol looks at how much yield was actually generated in the previous month (in dollar terms). That total amount is then allocated across all apyUSD that is not currently in a cooldown period. (A cooldown period is a 30‑day unlock window when a user decides to exit.)
The system is overcollateralized, meaning the assets backing the stablecoins are worth more than 100% of the stablecoins in circulation. The protocol uses its own liquidity and does not lend, re‑use, or risk users' deposited apxUSD for other activities.
Because the yield is shared among the apyUSD that is actively earning, the percentage yield adjusts dynamically as apyUSD enters or leaves the cooldown phase. When fewer tokens are earning, the yield percentage for the remaining positions goes up, and vice‑versa.
Persons
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
Quantstamp02-02-2026 - 09-02-2026 |
| Quantstamp's audit found one high-severity vulnerability and several medium-to-low issues, all of which were addressed by the Apyx team before deployment, resulting in a secure stablecoin ecosystem with comprehensive testing coverage. |
Certora19-01-2026 - 28-01-2026 |
| The audit identified and resolved critical security vulnerabilities, particularly a high-severity cooldown griefing attack, with most findings addressed through fixes while acknowledging some inherent design trade-offs in the RWA-backed stablecoin model. |
Zellic13-01-2026 - 16-01-2026 |
| The audit revealed one critical vulnerability that could permanently lock user assets, along with several medium and low severity issues, all of which were addressed by the client through implemented fixes. The protocol demonstrates adequate responsiveness to security findings with comprehensive remediation. |
Backers
Apyx raised a total of $3 million across two funding rounds. A seed round closed in January 2026 at a $70 million valuation, followed by a strategic round in February 2026 at a $300 million valuation. The company intentionally excluded venture capital firms from its cap table, opting instead for strategic investors whose identities were not publicly disclosed. The strategic round was oversubscribed according to the company's announcement.
Legal
Legal form
Limited company (Ltd.)
Registration jurisdiction
British Virgin Islands
Status and notes
Operating entity disclosed as Preference Capital (BVI) Ltd. in Terms of Service and Privacy Policy. Governing law specified as laws of British Virgin Islands, with courts in British Virgin Islands for non-arbitrated disputes. Contact emails: [email protected] for privacy matters, [email protected] for Terms of Service inquiries. Legal documents accessible via documentation site at https://docs.apyx.fi/resources/.