Coin columns · Ethereum City (Capital)
apxUSD: A Dollar Coin Backed by Preferred-Share Dividends
Apyx’s synthetic dollar collateralized by preferred stock
apxUSD is a dollar-linked coin issued by the Apyx protocol. Instead of bank deposits, its collateral is said to be dividend-paying preferred shares, and those dividends are passed on as yield.
1. A ‘dividend-backed stablecoin’
Apyx calls itself a ‘dividend-backed stablecoin’ protocol. Preferred shares are stock that pays dividends ahead of common shares, and Apyx says its collateral comes from preferred shares issued by listed Bitcoin-holding companies such as Strategy. The operating team is not prominent in public material, though firms such as Galaxy Digital and Bitcoin Suisse are listed as backers.
On the Crypto Nation map, apxUSD stands in Ethereum City (the capital), because it was first issued on Ethereum. It is designed to track one US dollar, and a companion token, apyUSD, is the version that earns yield.
2. How dividends become yield
A synthetic dollar is a token that tracks the dollar using other assets as backing. Minting works through signed orders with built-in delays, leaving time for off-chain (outside the blockchain) identity and compliance checks. Preferred shares such as STRC and SATA are named as collateral, and the project says collateral is meant to be worth more than the apxUSD issued (overcollateralization).
apyUSD is the yield-bearing token, an ERC-4626 vault (a standard Ethereum deposit format) that apxUSD holders can receive. Dividends from the collateral appear as a slowly rising exchange rate, released gradually over set periods, and the project says yield comes from share dividends rather than newly printed tokens.
3. Where it is used, and key dates
The tokens live on Ethereum, with Solana support said to be planned. In May 2026 the cross-chain routing service LI.FI integrated Apyx, so users on Arbitrum, Base, Optimism and BNB Chain can swap into it in one transaction, and the tokens are also listed on the yield market Pendle.
The audit firm Certora published a code review around March 2026 that found 11 issues, including one high-severity problem reported as fixed. An audit is a snapshot, not a guarantee of safety.
4. Things to know
Collateral is concentrated in a few preferred shares of Bitcoin-holding companies, so trouble at those firms or a fall in Bitcoin could shake share prices and dividends together. Dividends are set by the issuers and can shrink or stop, and apyUSD’s yield would follow. Reserves are said to be shown on daily dashboards, yet public material gives few details on who holds the shares or on redemption terms.
Despite the word ‘stablecoin’, apxUSD is a synthetic dollar backed by stock rather than bank deposits, so it could drift from one dollar. Its terms reportedly bar residents of the United States, the EU and the EEA, and rules on stablecoins and securities may change. The project is also young, with a short track record.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.