Apyx Finance (apxUSD)
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score was recalculated from the page's findings, 43 → 49. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -25.2 |
| Problems around it, caused by others | -1.1 |
| Sum | 39 |
- 1 section set aside: the claims did not hold up in a fact-check, pending correction.
Score: 49/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-02 · 4 of 9 claims confirmed · 3 need better sources · 2 disputed
anchored·4Mv383…3sgXSummary
Apyx Finance is a DeFi stablecoin protocol launched on Ethereum mainnet in February 2026 that introduced apxUSD, a synthetic dollar it describes as the first 'Dividend-Backed Stablecoin' (DBS), backed primarily by preferred equity shares from Bitcoin treasury companies, chiefly Strategy's STRC. On June 4, 2026, apxUSD depegged to as low as $0.9094 during a Bitcoin selloff, and the protocol characterized the 7-10% deviation as expected behavior rather than a model failure, offering no remediation plan. With a circulating supply of approximately $415M-$476M and liquidity heavily concentrated in Pendle and Curve, the protocol presents novel correlated equity-crypto drawdown risk to any DeFi system using apxUSD as stable collateral.
Connected Entities
8 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- Apyx Finance→mentioned with→Kraken(70%)
- Apyx Finance→mentioned with→Pendle(70%)
- Binance→mentioned with→Ethereum(65%)
- Apyx Finance→mentioned with→Bitcoin(80%)
- Apyx Finance→mentioned with→Ethereum(60%)
- Pendle→mentioned with→Ethereum(80%)
- Apyx Finance (apxUSD)→mentioned with→Apyx Finance(80%)
- Apyx Finance (apxUSD)→mentioned with→ACT(60%)
- Kraken→mentioned with→Bitcoin(70%)
- + 6 more
Timeline(7 events)
August 2025
Strategy's STRC preferred shares first dipped below $100 par value; the protocol notes this as the start of a pattern of four par-value breaches before the June 2026 event.
Crypto Briefing26 February 2026
Apyx closed a $300 million valuation strategic round and DeFi Development Corp. (Nasdaq: DFDV) announced it was the first institutional investor in the protocol.
GlobeNewswireMarch 2026
Apyx held approximately 288,888 STRC shares valued at roughly $29 million, having expanded its holdings to target the position of largest STRC holder.
Crypto Briefing4 June 2026
Bitcoin fell below $63,000; STRC dropped below its $100 par value; apxUSD depegged to a 24-hour low of $0.9094 with $74.6 million in trading volume. Apyx publicly stated the depeg was 'expected behavior, not a failure' with no remediation plan.
CoinDesk5 June 2026
CryptoSlate and other outlets published analysis of systemic DeFi risk from apxUSD's novel collateral model; liquidity concentration in Pendle (64.62% of TVL) and Curve (24.39%) identified as amplifying factors.
CryptoSlateDecision Log
- slot 464370055 · hash FEspBcuCzvaVqDW2PBRAB4Tq9sQb8TC6qErVGQcpdsTY
- slot 464370050 · hash F8dGwzxj4JtcXnGWRo7cabFg6pZCNYQ6AaDZokH33EQj
- slot 464370045 · hash CVHWPZ9XN2KJgMjR3gNL9zYTyq7ZkYidMxbtV6jM9N4F
- slot 461966445 · hash FrNS5acxd1zBRRKd8TS4ULYtqgKTQ3BV6RyCW9azbmc9
- slot 427939228 · hash HPzNH5cNuCcVSFgeGG6oMN24k8qEh2wj8DYEodsTFNrp
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 18 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 6/21/2026, 12:15:43 PM
last updated: 11/2/2026, 5:00:49 AM
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