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The stablecoin apxUSD once de-pegged to $0.93, and the involved parties said this was part of a normal mechanism.
BlockBeats News, on June 4th, the stablecoin apxUSD, issued by the Apyx protocol and primarily collateralized by Strategy preferred shares STRC, temporarily de-pegged during Bitcoin's dip below $63k, dropping as low as $0.93.
Apyx stated that this fluctuation was not a vulnerability but an expected behavior of the preferred share-collateralized stablecoin. Since the reserve assets of apxUSD mainly consist of STRC preferred shares with a face value of $100, when STRC falls below face value in the secondary market, the market value of the reserve assets also declines, causing the stablecoin's price to fluctuate.
The protocol claims that its stabilization mechanisms include over-collateralization, dividend adjustment mechanisms, and buffers in cash and short-term US Treasury bonds. Data shows that since August last year, STRC has fallen below face value four times but has ultimately rebounded to $100 each time.
In response to market concerns about chain liquidations in the Morpho lending market, Apyx stated that its core apyUSD/apxUSD market mainly relies on dividend income accumulation rather than STRC spot prices, so related volatility will not trigger large-scale liquidations.