Apyx Brings STRC-Based Stablecoins with Over 13% APY On-Chain

Original | Odaily Planet Daily (@OdailyChina)

Author | Liao Liao

The cryptocurrency market, particularly the decentralized finance (DeFi) sector, has consistently sought underlying assets that combine stability, high liquidity, and high yield. As the yields of traditional real-world assets (RWA), such as U.S. Treasuries, have gradually stabilized, DeFi market demand for high-yield interest-bearing assets has triggered a new paradigm shift. Against this backdrop, stablecoin projects based on STRC are rising at an astonishing pace.

Stablecoins, as the foundation of the crypto world, have evolved from early fiat-backed models (such as USDT and USDC), to crypto-collateralized overcollateralized types (such as USDS), then to algorithmic stablecoins (such as the collapsed UST), and more recently to basis arbitrage-based models (such as USDe).

However, the current market pain point is that stablecoin yields below 10%, or even 5%, no longer meet the risk premium demands of on-chain capital, while excessively high algorithmic yields often come with systemic risks such as "death spirals."

The STRC-driven stablecoin project has timely filled this gap. Looking at the speed of TVL growth, on-chain fund flows, and community discussion热度, building stablecoins on STRC has become one of the most watched sub-sectors in the current DeFi market.

With the support of yield protocols like Pendle and Morpho, these products have evolved beyond simple "stablecoins" into a new asset class that combines stability, yield, and financial composability.

STRC refers to a "Bitcoin credit instrument" launched by Bitcoin treasury company Strategy.

Odaily note: For a detailed analysis of STRC, refer to “Comprehensive Analysis of STRC: Strategy’s New Magic for Earning and Buying Crypto”.

In simple terms, Strategy raises capital from the market by issuing STRC and uses the proceeds to continuously purchase Bitcoin. STRC holders receive a variable monthly interest yield of over 12.3%. Unlike traditional bonds, STRC is a preferred share rather than debt, so it has no fixed maturity date; at the same time, its dividend rights rank higher than those of common shares (MSTR), giving it strong "bond-like" characteristics.

What makes STRC unique is that it effectively transforms the long-term upward expectation of Bitcoin into a "digital credit" product acceptable to traditional capital markets.

To maintain STRC's long-term stability near its $100 face value, Strategy dynamically adjusts its dividend yield—increasing the yield to attract capital when STRC falls below face value, and issuing additional tokens to suppress premiums when STRC trades above face value.

Since the launch of STRC by Strategy, the market has responded positively, thanks to its relatively stable "pegging" performance (with several brief deviations successfully corrected) and its relatively attractive yield.

As of the time of writing, the total issuance of STRC has exceeded $10.4 billion, accounting for more than 60% of the total preferred stock issuance in the 2026 market.

Earlier this month, Michael Saylor, founder of Strategy, explicitly stated during an interview with David Lin that digital credit products like STRC are a killer application for Bitcoin (see Exclusive Interview with Michael Saylor: I Said I’d Sell Bitcoin, But Not Net Sell).

However, traditional STRC shares are typically only traded among Wall Street hedge funds, compliant institutions, and high-net-worth accredited investors; on-chain DeFi users often cannot directly access this high-yield product, which is sweeping through traditional financial markets, due to barriers, compliance requirements, and capital channel restrictions.

This is precisely where the main subject of this article, Apyx, is focusing its efforts.

Apyx is bridging Wall Street’s digital credit instruments with on-chain DeFi building blocks by introducing STRC’s excess yield opportunities on-chain through innovative on-chain financial architecture, creating the next generation of yield-bearing stablecoins with high liquidity, composability, and enhanced yields.

Unlike many stablecoin projects that rely on airdrop narratives and lack genuine revenue sources, Apyx’s core competitiveness lies not just in “higher APY,” but in its combination of traditional financial capital capabilities and on-chain protocol composability.

In terms of background, the core supporter behind Apyx is DeFi Development Corp, a U.S.-listed treasury company that not only participated in Apyx’s incubation and strategic investment but also provided the crucial bridge connecting traditional capital markets with the on-chain world.

In product design, Apyx employs a dual-token model of apxUSD and apyUSD.

Among these, apxUSD is closer to a traditional stablecoin, pegged to 1 USD, and primarily serves as a medium of exchange and on-chain liquidity. apxUSD does not automatically accrue yield; it functions more like a highly liquid "base dollar asset," suitable for trading, payments, lending, and other use cases.

The true embodiment of Apyx's core value is apyUSD—users can lock up apxUSD to receive apyUSD (with a 20-day unlock period), which, similar to Lido’s wstETH, increases in value as underlying yields accumulate. In other words, apyUSD itself is a vehicle for yield.

Currently, the real-time APY for apyUSD is around 11%, with expected annual yields exceeding 13%. Amid a continuous decline in overall yields for USD stablecoins, a stablecoin asset with genuine yield sources and double-digit returns is naturally particularly attractive.

In addition, it is important to emphasize that, unlike many stablecoin projects that rely on token subsidies to achieve short-term high yields, Apyx’s core returns come from STRC dividends, offering a more stable and sustainable source of income.

According to DefiLlama data, since its launch at the end of February this year, the issuance of apxUSD has rapidly reached 502 million tokens in less than three months, making it the 21st largest stablecoin protocol by issuance in the DeFi space.

Of course, yield alone is not enough to sustain a stablecoin ecosystem. What truly determines the protocol's上限 is asset composability and liquidity efficiency. On this front, Apyx has clearly done extensive work—Apyx is now deeply integrated with multiple leading protocols, including Morpho, Curve, and Pendle.

On Morpho, users can collateralize apyUSD to borrow other assets, enabling the strategy of “earning yield while unlocking liquidity.” More aggressive players can further engage in circular lending to amplify their yield exposure. Curve handles liquidity provision by creating trading pools between apxUSD and major stablecoins like USDC and USDT, ensuring Apyx maintains low slippage even during large swaps—a critical feature for any stablecoin ecosystem.

As for Pendle, it may be the most explosive component of the entire Apyx ecosystem. Since Pendle can split yield-bearing assets into PT (principal) and YT (yield rights), apyUSD is no longer just a “hold-and-earn-interest” asset, but has evolved further into a tradable, leveragable, and speculative yield product—conservative users can lock in fixed returns through PT, while more aggressive users can amplify their bets on future yields by purchasing YT.

Precisely because of this high composability, Apyx's ecosystem is expanding significantly faster than many traditional stablecoin protocols.

In a sense, what Apyx is doing is not just "issuing a high-yield stablecoin"; it's more like attempting to build an on-chain credit market centered around STRC.

In today’s DeFi market, "points" are no longer just simple user incentive tools—they’ve become a way to pre-price future token rights. Especially after the market re-entered the liquidity competition phase, a project’s ability to consistently attract capital often depends on two factors: whether the yields are high enough, and whether the token expectations are clear enough.

Apyx's ability to rapidly accumulate high TVL in a short time is also largely due to its current points system. According to the official roadmap, Apyx’s points program follows a phased rollout model:

• Season 1 ended on May 22, 2026, and the official team has confirmed that 5% of the total token supply will be allocated to early participants of this phase;
• Season 2 began immediately after Season 1 ended and ran until October 11, continuing to release 6% in token incentives;
• After Season 2 ends, Apyx will have its TGE and airdrop on October 13.

This rhythm is actually very smart. On one hand, the natural deadlines for each Season create a “rushing window,” encouraging funds to accelerate inflows before the end. On the other hand, the seamless transition into Season 2 avoids the common issue many projects face—where TVL collapses immediately after the first Season ends. Most importantly, Apyx has confirmed the upcoming TGE and airdrop timeline, giving users clearer expectations for their interactions.

For the market, this means Apyx’s airdrop expectations are not a short-term event, but rather resemble a months-long liquidity war. From the user’s perspective, the more critical question is actually “how to earn points more efficiently.”

Apyx provides积分 acquisition efficiency for different actions on its official website, which can be broadly categorized into "Basic Mode" and "Advanced Mode".

The "Basic Mode" involves simply holding apxUSD (10x points) or apyUSD (1x points); the "Advanced Mode" lets you actively use the integrated protocols—for example, borrowing or lending apxUSD on Morpho (5x points), or providing liquidity for apxUSD on Curve (12x points). The most efficient strategy leverages Pendle: directly holding apxUSD’s YT earns you 32x points, and providing liquidity for apxUSD on Pendle also grants a 24x points bonus.

As an emerging sector still in its very early stages, the STRC-driven stablecoin market currently has few true core players. In terms of capital scale, market attention, and ecosystem growth speed, the only projects that have truly gained influence are Apyx and Saturn. In a sense, the entire “digital credit stablecoin” sector is gradually taking shape as a duopoly.

Although Saturn launched earlier, Apyx has now surpassed it in terms of data metrics. Overall, Apyx’s competitive advantages are evident across the following key dimensions.

First, the absolute TVL scale and underlying asset holding advantage. Apyx has established a clear strategic plan from the outset—to become the world’s largest institutional holder of STRC. As of the end of April, its holdings have reached $125 million (compared to Saturn’s $50 million). Once Apyx achieves this strategic goal, it will monopolize on-chain yield distribution rights based on Strategy digital credit at the source. Additionally, for stablecoins, Apyx’s TVL scale advantage means deeper trading pools, lower slippage on large trades, and more robust liquidity efficiency, enabling it to safely accommodate large capital inflows and outflows.

Second, it offers higher yields with no risk of yield suspension. For Apyx and Saturn’s target users, the most critical requirement is consistent and predictable returns. Compared to Saturn’s sUSDat, Apyx’s apyUSD maintains a long-term annualized yield advantage of approximately 2%. Equally important is that sUSDat’s design is deeply tied to the exchange rate of STRC. When STRC falls below the “watermark” due to ex-dividend events or other reasons, yield accumulation for YT-sUSDat is completely suspended—Apyx has no such issue.

Third, the TGE expectations are clearer, with no VC selling pressure. Crypto users most dislike “indefinite points PUA.” Compared to Saturn, Apyx has clearly disclosed the TGE date and the timing and benefits of each Season’s points activities, making users more likely to stay psychologically. Additionally, Apyx’s development has not involved VC funding—only minimal early investment, some of which came from the founders themselves. This means no private round institutions can dump tokens before retail users enter, resulting in more ideal token rewards for points.

It must be clearly emphasized that Apyx’s high yields do not mean “risk-free.” Fundamentally, Apyx remains a yield product built on Bitcoin’s credit structure, not a traditional risk-free dollar asset. Therefore, before discussing its growth potential, it is essential to acknowledge the sources of risk behind it.

First, there is the credit risk of the underlying asset itself. The core logic of STRC is built upon the Strategy and its Bitcoin balance sheet. In other words, the market is willing to accept STRC’s yield because it believes Strategy can continuously leverage its Bitcoin assets to maintain its credit structure and consistently fulfill financing, balance sheet expansion, and interest payments.

However, if the Bitcoin market experiences extreme volatility—such as a sharp decline within a short period—or if market appetite for leverage risk in Strategy mode significantly decreases, the market pricing, liquidity, and yield structure of STRC may all be affected. While this “systemic risk” does not imply an immediate protocol failure, it does mean that Apyx’s revenue sources are somewhat tied to the Bitcoin cycle.

Second is the typical DeFi composability risk. Since Apyx is deeply integrated with protocols such as Morpho, Curve, and Pendle, its ecosystem is built on highly complex on-chain composability. While this structure enhances capital efficiency significantly, it also increases systemic risk through tighter coupling.

For example, once a vulnerability in the underlying protocol, a liquidity crisis, or an abnormal liquidation mechanism occurs, risk can be transmitted throughout the ecosystem through LP, collateral, and yield-splitting structures. This risk is further amplified as circular lending and high-leverage strategies become increasingly common.

Therefore, Apyx is better understood as an on-chain credit asset with “medium to high risk and high yield,” rather than a substitute for traditional over-collateralized stablecoins. It is precisely this risk stratification that gives Apyx its unique appeal in today’s market environment.

The current stablecoin market is facing an increasingly apparent issue — yields are rapidly becoming homogenized. As U.S. Treasury yields decline and traditional arbitrage opportunities narrow, the real yields offered by most stablecoin protocols are becoming increasingly limited. The market needs new sources of yield, and users are willing to accept a certain level of risk for higher returns.

Over the past few years, the entire DeFi market—from LSD and Restaking to Pendle yield trading—has consistently validated one thing: users don’t reject risk; they reject assets without a meaningful risk-reward ratio. The emergence of STRC now offers the market a new option for “risk vs. reward.”

Over the past few months, the sustained growth in TVL for Apyx and the entire STRC ecosystem has demonstrated that the market is voting with real money for this narrative.