apyUSD apyUSDPrice $ 1.35

apyUSD is a yield-bearing stablecoin (YBS) in the Apyx protocol, built as an ERC-4626 vault wrapper around apxUSD. Users deposit (lock) apxUSD into a permissionless vault and receive apyUSD in return. Token balances do not rebase; instead, yield accrues through a gradually increasing exchange rate, so that over time 1 apyUSD can be redeemed for more apxUSD than initially deposited. apyUSD is minted exclusively from apxUSD and is always redeemable back into apxUSD. It captures yield from dividends paid by the preferred shares of Digital Asset Treasuries (DATs) that back the underlying apxUSD, transforming off-chain dividend income into on-chain programmable yield. The protocol sources this yield from semi-stable preferred shares (e.g., paying 11–12.5% annualized dividends monthly), converts proceeds to apxUSD, and distributes it to the vault via mechanisms like linear vesting over periods such as 30 days. Reported yields have included ranges like 11–33% APY from leveraged dividend exposure, with recent trailing figures significantly higher in some periods due to protocol mechanics.