apyUSD

apyUSD is the yield-accruing vault token of the Apyx protocol and works as a wrapper around apxUSD, the protocol's token pegged to the US dollar. Although it is listed as a stablecoin in the catalogue, apyUSD itself is not held fixed at one dollar; its value is designed to rise over time against apxUSD as yield accrues. The token is available on networks such as Ethereum, Base, BNB Chain and Solana.

The protocol's source of yield is dividends on preferred shares issued by publicly listed companies that hold crypto assets on their balance sheets (digital asset treasury companies). Apyx converts these dividends into on-chain yield: a user deposits apxUSD into the vault to receive apyUSD, and the vault's unit value rises as dividends are added. The vault is built to conform to Ethereum's tokenized vault standard. The project is backed by DeFi Development Corp., a publicly listed company.

apyUSD's value depends on the underlying preferred shares continuing to pay dividends, the market prices of those shares, the performance of the crypto assets on the issuing companies' balance sheets and smart contract risks; it therefore carries different risks from a conventional stablecoin. For this token, Lzzo.com shows DefiLlama's US dollar reference price and a chart drawn from the same source.