Apyx STRC-Collateralized Stablecoin apxUSD Briefly Depegs to $0.93

Apyx protocol's stablecoin apxUSD, which is primarily backed by preferred equity issued by digital asset treasury firm Strategy (STRC), briefly lost its dollar peg on Thursday, slipping as low as $0.93 before recovering, according to CoinMarketCap data.

The depeg occurred as Bitcoin fell sharply in the past 24 hours, reaching lows under $63,000. apxUSD is designed to maintain a 1:1 peg to the US dollar, but its collateral basket includes STRC shares, which carry a $100 par value and pay dividends. The protocol purchases these shares, collects the dividends, and distributes the yield to onchain holders. This structure introduces equity market risk, as the value of STRC shares can fluctuate with broader market sentiment. When Bitcoin dropped, risk-off sentiment likely weighed on STRC, causing the stablecoin's backing to lose value temporarily. Live crypto prices and charts on NowPrice show how the market is reacting to the depeg event.

The Apyx protocol has stated that this volatility is a feature, not a bug, implying that the stablecoin is designed to absorb some market shocks. However, stablecoin depegs historically have led to loss of confidence and further selling pressure. Traders should watch whether apxUSD can maintain its peg in the coming days, especially if Bitcoin volatility persists. The incident also highlights the risks of collateralizing stablecoins with equity rather than more traditional cash or bond reserves.