apxUSD, issued by Preference Capital (BVI) Ltd., is a synthetic U.S. dollar (USD) stablecoin that maintains a one-to-one reference to the USD and is backed by an overcollateralized basket of dividend-yielding preferred equity, U.S. Treasuries, and onchain stablecoins. [S1][S2]

Holders of apxUSD receive a non-yield-bearing claim referencing the USD; the dividend yield from the collateral basket accrues instead to the sister vault token apyUSD. [S1][S2] The collateral basket includes variable-rate perpetual preferred stock such as STRC issued by Strategy (MSTR), held alongside U.S. Treasuries offchain and stablecoins onchain. [S1][S3] Minting and redemption occur at a published redemption value with a small spread for liquidity; redemption converting apyUSD back to apxUSD bears a minimal fee. [S4]

Preference Capital (BVI) Ltd. and its affiliates, incorporated in the British Virgin Islands, operate the protocol interface and state "WE ARE NOT A MARKETPLACE FACILITATOR, BROKER, FINANCIAL INSTITUTION OR CREDITOR." [S5] Tokens represent programmatic claims against the protocol modules holding the assets, and redemption does not entitle the holder to the underlying preferred shares. [S5][S6] Acquisition is excluded for persons in the United States, European Union, European Economic Area, United Kingdom, Canada, and sanctioned regions. [S2][S5] apxUSD redeems for USD Coin (USDC) as collateral is liquidated. [S6] Collateral is held in third-party prime brokerage with MPC-split custody. [S3]

apxUSD is an ERC-20 stablecoin native on Ethereum mainnet and bridged to Base and BNB Chain. [S4][S7] Minting sends approved assets such as USDC to the protocol for newly issued apxUSD; redemption burns apxUSD and settles in USDC. [S6] Reserves are published via a real-time dashboard with monthly attestations by PCAOB-registered Wolf & Company for May 2026. [S4][S8][S9]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.apyx.fi/" },
    { id: "S2", url: "https://docs.apyx.fi/" },
    { id: "S3", url: "https://docs.apyx.fi/collateral-and-custody/custody-overview.md" },
    { id: "S4", url: "https://docs.apyx.fi/resources/faq" },
    { id: "S5", url: "https://docs.apyx.fi/resources/terms-of-service.md" },
    { id: "S6", url: "https://docs.apyx.fi/app-guide/how-to-buy-apxusd.md" },
    { id: "S7", url: "https://docs.apyx.fi/resources/smart-contract-addresses.md" },
    { id: "S8", url: "https://docs.apyx.fi/collateral-and-custody/transparency.md" },
    { id: "S9", url: "https://docs.apyx.fi/collateral-and-custody/third-party-attestation.md" },
  ]}
/>


# Asset Price methodology

## 1. Overview

Asset price represents the closing USD value of a tokenized asset at the end of each day. Daily prices are recorded to facilitate the valuation of on-chain activity and the calculation of market capitalization. Each price point reflects the market value at the conclusion of the UTC day.

## 2. Data sources

- **Asset metadata**: Token contract addresses, ticker identifiers, and on-chain launch timestamps
- **External data**: End-of-day price feeds and exchange rate feeds from market data providers
- **Blockchain data**: Data covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others) and non-EVM chains such as Solana, Aptos, and Near

## 3. Step-by-step calculation

### Component A: Market data retrieval

- **Purpose**: Collect raw daily price information
- **Logic**: Daily price data is retrieved from external market data providers. For assets pegged to specific currencies, prices are calculated using a multiplier and daily exchange rates. For assets traded on traditional exchanges where data is unavailable on certain days, such as weekends or holidays, missing values are filled with the last available closing price.

### Component B: Timestamp normalization

- **Purpose**: Align price data with daily reporting periods
- **Logic**: Timestamps are truncated to the daily grain. To accurately reflect the closing value, prices recorded at the start of a day (00:00:00 UTC) are assigned to the preceding calendar day.

### Component C: Asset mapping and deduplication

- **Purpose**: Associate prices with unique assets and resolve data overlaps
- **Logic**: Prices are mapped to assets using unique identifiers for EVM-compatible and non-EVM chains. To ensure data integrity, price records are filtered to include only those occurring on or after the asset's on-chain launch date. In instances where price data for a single asset is available from multiple sources, the data is deduplicated by selecting the record with the highest priority to ensure a single, consistent closing price.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Asset price

Stablecoins

Apyx mints apxUSD against deposits in DAT preferred shares; redemptions settle in USDC. Yield from the underlying collateral accrues to the sister yield-bearing token apyUSD.

Apyx is a DeFi protocol issuing apxUSD, a non-yield-bearing synthetic dollar overcollateralized by a basket of crypto-DAT (Digital Asset Treasury) variable-rate preferred shares including Strategy's STRC (MSTR preferred). The sister token apyUSD captures the yield from the collateral basket.

Apyx (apyx.fi) issues a synthetic dollar overcollateralized by a basket of crypto-DAT (Digital Asset Treasury) variable-rate preferred shares.

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Stablecoin issuers

Apyx

Apyx apxUSD (apxUSD) is a U.S. dollar stablecoin issued by Apyx through Preference Capital (BVI) Ltd.

Each token tracks U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Reserves are held in other assets and cash, attested monthly by Wolf & Company.

Institutions can mint and redeem directly with Apyx in USDC.

Preference Capital (BVI) Ltd. is the issuing entity.

apxUSD has been issued on Ethereum as an ERC-20 and SPL Token token since February 2026, with bridged versions on three more.

Apyx apxUSDapxUSD