apxUSD

apxUSD is a synthetic dollar issued by the Apyx protocol and intended to stay close in value to the US dollar. According to Apyx's documentation, the collateral is a basket of variable-rate preferred shares issued by publicly listed companies that hold digital assets on their balance sheets (Digital Asset Treasuries, DATs). The basket is rebalanced according to issuer concentration and liquidity conditions, and apxUSD is intended to remain overcollateralized.

The protocol has two separate tokens: apxUSD pays no yield directly, while users can lock apxUSD to join the apyUSD vault, which is fed by dividends from the preferred shares. Minting and redemption are limited to whitelisted participants in permitted jurisdictions, and redemptions are paid in USDC; other users can acquire apxUSD from open liquidity pools. The documentation describes a model that supports the dollar peg through the price dynamics of preferred shares, overcollateralization, cross-market arbitrage and hedging with derivatives. The token is available on Ethereum, Base, BNB Chain and Solana.

Whether the dollar peg holds depends on the market price of the preferred shares, the sensitivity of their issuers to digital asset prices, the continuation of dividend payments and smart contract risks. CoinGecko displays a GoPlus warning that the contract uses an upgradeable proxy structure. Lzzo.com uses DefiLlama's US dollar reference price linked to the token's CoinGecko identity; when the source returns no current value, no estimated price is shown on the page and the price field stays empty.