apyx PT-apyUSD on pendle is pricing 16.5% fixed yield against STRC's 11.5% dividend. 480bps premium exists because the market treats apyx as unproven. meanwhile saylor shifted STRC dividends to stock issuance instead of cash, meaning dividends no longer compete with BTC accumulation for treasury resources. the risk the market is pricing in just got structurally reduced. $230m in STRC already sits in pendle strategies, 65.6% of apyx TVL. first protocol tokenizing equity dividends instead of T-bill yield into a stablecoin wrapper. T-bills are capped at whatever the fed gives you. equity dividends scale with strategy's BTC yield target, currently 9.4% and accelerating. if saylor hits 15% BTC yield by Q3, that 16.5% PT is mispriced to the downside.
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