Overview
- apxUSD slipped to about $0.93 on Thursday during a broad crypto selloff, according to price data reported across market trackers and news outlets.
- The move coincided with Strategy’s STRC preferred shares trading below their $100 stated value, which cut the market value of the preferred‑share heavy collateral that backs apxUSD.
- Apyx responded the same day saying the depeg was expected for an equity‑backed model and pointing to overcollateralization, short‑term Treasury and cash buffers, a two‑token apxUSD/apyUSD design, and an on‑chain dashboard that shows collateral versus supply.
- The protocol also rejected claims of cascading liquidations, explaining that its Morpho market uses dividend accrual, not STRC spot price, to drive lending oracles and reduce instant liquidation risk.
- Analysts warn the reported roughly 104% overcollateralization gives a narrower safety margin than cash‑backed stablecoins so further equity or broad market stress could reintroduce price volatility for holders and traders.