apyUSD, issued by Preference Capital (BVI) Ltd., is a yield-bearing tokenized vault share representing locked apxUSD plus accrued dividend yield from an overcollateralized basket of Digital Asset Treasury preferred equity. [S1][S2]

Holders receive total-return accrual as the vault exchange rate rises, capturing dividends paid on variable-rate perpetual preferred shares such as Strategy (MSTR)-issued STRC, alongside U.S. Treasury bonds and onchain stablecoins. [S2][S1] Yield vests linearly over approximately 28 days through a YieldDistributor contract rather than rebasing. [S3][S4] When converting apyUSD back to apxUSD, holders bear an early-redemption fee declining linearly from 3.5% to 0.1% across the cooldown, plus a minimal redemption fee. [S5][S3]

Preference Capital (BVI) Ltd. and its affiliates, incorporated in the British Virgin Islands, operate the protocol interface and disclaim being a marketplace facilitator, broker, financial institution, or creditor. [S6] The token represents a programmatic claim against protocol modules holding assets, not a claim on the underlying preferred shares. [S6][S7] Acquisition excludes persons in the United States, European Union, European Economic Area, United Kingdom, Canada, and sanctioned regions. [S1][S6] Redemption is asynchronous, settling in apxUSD redeemable for USD Coin (USDC). [S7][S5] Collateral is held offchain in third-party prime brokerage accounts under MPC-split custody. [S8][S3]

apyUSD is an ERC-4626 tokenized vault extended with ERC-7540 for asynchronous request and claim operations, native on Ethereum and available on Base and BNB Chain. [S3][S9] Locking apxUSD is synchronous; redemption burns shares for non-transferable apxUSD_unlock claimable after three days with an approximately 20-day cooldown. [S4][S5] Reserve values publish via a real-time dashboard. [S3][S10]

<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/resources/faq" },
    { id: "S4", url: "https://docs.apyx.fi/technical-overview/locking.md" },
    { id: "S5", url: "https://docs.apyx.fi/technical-overview/unlocking.md" },
    { id: "S6", url: "https://docs.apyx.fi/resources/terms-of-service.md" },
    { id: "S7", url: "https://docs.apyx.fi/app-guide/how-to-buy-apxusd.md" },
    { id: "S8", url: "https://docs.apyx.fi/collateral-and-custody/custody-overview.md" },
    { id: "S9", url: "https://docs.apyx.fi/resources/smart-contract-addresses.md" },
    { id: "S10", url: "https://docs.apyx.fi/collateral-and-custody/transparency.md" },
  ]}
/>


Tokenized funds

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.

website

twitter

Stablecoin issuers

Apyx

Apyx apyUSD (apyUSD) is a token providing exposure to a tokenized fund issued by Apyx.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund is open-ended, invests in U.S. corporate credit and government debt, and charges a 0% annual management fee.

Retail investors and institutions can subscribe and redeem in apxUSD, with a apxUSD 0 minimum and instant subscription settlement, and holders have a right to redeem at net asset value with monthly settlement.

apyUSD has been issued on public blockchains since February 2026 and is native to Ethereum and Base.

Apyx apyUSDapyUSD

All metrics