apyx’s apyUSD on morpho is paying ~39% APY via a pendle PT leverage loop—borrow USDC at ~1.59%, earn ~14.84% fixed, backed by STRC dividends off strategy’s 780k BTC. ~$236m of dividend‑backed stable supply went from zero to live in a month. this is structured credit, not a meme farm: yield is coming from ~11.25% cash dividends on real securities. but ~60.6% of apyUSD sits on pendle, and STRC has no hard $100 redemption floor. if that soft peg cracks under stress, the whole stack unwinds. best spread in DeFi right now if you truly understand what risk you’re long. // zero illusion
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