Apyx Finance’s synthetic dollar stablecoin apxUSD has gone through its deepest depeg since launch. Market data from June 24 to 25, 2026 showed apxUSD falling to $0.74, with trading largely in a $0.74 to $0.78 range, more than 20% below its intended $1 level. Its circulating market value also fell to about $280 million.
STRC sell-off hit the value of core collateral
The pressure came from STRC, the variable-rate perpetual preferred stock issued by Strategy, formerly MicroStrategy, which serves as the main collateral behind apxUSD. STRC was designed to trade around its $100 par value and attract demand with a dynamic dividend rate of 9% to 11.5%. That structure came under strain as Bitcoin’s recent decline weighed on Strategy-linked assets. STRC closed at about $80.84 on June 24, and its intraday low reached $79.85, leaving it nearly 20% below par.
As the net asset value of the collateral dropped, support for apxUSD weakened with it. The report said forced selling tied to highly leveraged retail positions added to the move. A separate issue also emerged: once STRC traded below par, Strategy faced greater difficulty using at-the-market share issuance to raise funds for additional Bitcoin purchases, adding to downside pressure.
Overcollateralized, but exposed to a trading-hours mismatch
This was not the first warning sign for apxUSD. On June 4, the stablecoin had already slipped to $0.90 during an earlier Bitcoin decline. At the time, Apyx Finance described that behavior as “feature not bug,” arguing that volatility was expected when preferred stock was used as collateral.
The protocol remains overcollateralized, according to the report, and is not showing the kind of unsupported collapse seen in Terra’s UST. Still, the latest move exposed a structural weakness. Crypto markets trade 24/7, while STRC is limited to US stock market hours. That gap matters. During stock market closures, apxUSD can face redemption pressure and secondary-market selling while the underlying collateral cannot fully reprice in real time.
High yield came with direct exposure to market volatility
The report said apxUSD and its yield-bearing counterpart apyUSD use a dual-token structure that can offer annualized returns above 10%. But the product behaves more like a net-asset-value tracking token than a hard-pegged stablecoin. In practice, holders inherit volatility from both Bitcoin and preferred shares.
For current holders, especially those using leverage in lending positions, the depeg has translated into real mark-to-market losses. Market attention is now on Strategy’s next dividend adjustment expected at the end of June, along with whether Bitcoin can stabilize. The episode has turned risk pricing in RWA-backed stablecoins into an immediate market question.