Strategy-Backed Stablecoin Depegs, Raising Fresh Concerns

TL;DR:

• Apyx’s apxUSD fell below its $1 reference on June 4, briefly touching $0.93 as Bitcoin traded near $63,000.
• The token is backed mainly by Strategy’s STRC preferred stock, with cash and Treasuries acting as part of its reserve buffer.
• Active DeFi exposure is concentrated in Pendle and Curve, making STRC pricing, liquidity depth and reserve stability crucial signals after the depeg for holders and lending venues during future market stress.

Apyx’s apxUSD slipped below its dollar reference as Bitcoin traded near $63,000, putting a new kind of DeFi peg risk under the spotlight. The token briefly touched $0.93 during the selloff, while market data showed a wider 24-hour range from $0.9094 to $0.9984 and volume near $74.6 million. The unsettling part is that this was not a normal cash-backed stablecoin scare, because apxUSD relies largely on Strategy’s STRC preferred stock, with cash and Treasuries serving as part of the buffer.

Preferred-share collateral becomes DeFi peg risk

Apyx describes apxUSD as a synthetic dollar backed by preferred shares issued by Digital Asset Treasury companies. The token is designed for use as collateral and as a quote asset across DeFi and CeFi, while yield from the collateral stack flows to apyUSD, the protocol’s savings asset. Its core link is STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock. That turns a public-market credit instrument into onchain dollar infrastructure, and makes STRC’s price relevant to liquidity, confidence and exits.

The structure has built-in defenses, but also clear caveats. Apyx says apxUSD uses overcollateralization, a cash and Treasury buffer, cross-market arbitrage and possible hedging strategies. It also discloses that the token may trade above or below its $1 reference value. STRC itself carries an 11.50% annual cash dividend rate, adjusted monthly to encourage trading near its $100 stated amount, but returns, liquidity and dividends are not guaranteed. The dollar promise is therefore softer than it first appears, especially when preferred equity moves under stress.

The DeFi footprint is already large enough to matter. Active apxUSD exposure was concentrated in Pendle at $118.22 million, or 64.62% of listed active TVL, and Curve at $44.63 million, or 24.39%. Morpho Blue was much smaller at about $751,647, but lending venues can turn price gaps into collateral questions. The Curve apxUSD/USDC pair also led activity with about $48.5 million in 24-hour volume, showing where stress can concentrate fastest during sudden exits when market confidence is already fragile. The next test is whether liquidity and STRC stabilize together, because if reserves look thinner, liquidity weakens or venues adjust parameters, apxUSD may trade less like a standard stablecoin and more like a credit-linked collateral token in real time.