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Apyx stablecoin apxUSD temporarily de-pegged to $0.93, and the protocol stated this is a normal mechanism, not a system failure.
Deep Tide TechFlow News, June 4th, according to CoinDesk reports, during the period when Bitcoin's price fell below $63,000, the preferred stock collateralized stablecoin apxUSD under the Apyx protocol temporarily de-pegged to $0.93.
apxUSD is primarily backed by Strategy's STRC preferred shares (par value $100), while also holding short-term U.S. Treasury bonds and cash equivalents as liquidity buffers.
In response, Apyx stated that this is an expected behavior of a preferred stock-backed stablecoin rather than a systemic failure, and pointed out that its stability mechanism includes multiple layers of safeguards: the issuer can drive the preferred stock price back to par by increasing dividend yields, and the protocol also maintains over-collateralization to absorb market value fluctuations.
Additionally, Apyx indicated that its main Morpho lending market is driven by dividend accumulation rather than STRC spot prices, so it will not trigger chain liquidation risks.