Stablecoin apxUSD is severely depegged, dropping below 0.75 USD! MicroStrategy STRC plunges 20%, triggering an RWA collateral crisis.

According to the latest market data, the synthetic dollar stablecoin apxUSD, launched by Apyx Finance, has recently experienced a severe depegging, with its price falling to $0.74 at one point, deviating more than 20% from the target price of $1. The trigger for this crisis stems from its core collateral—the variable-rate perpetual preferred stock STRC issued by Strategy (formerly MicroStrategy)—which plunged nearly 20% due to Bitcoin's sharp decline.
(Previous context: MicroStrategy preferred stock STRC drops to $88, annual dividend yield 11.5%—is it worth bottom-fishing?)
(Background supplement: Michael Saylor reveals that Strategy's "STRC perpetual preferred stock" was entirely designed by ChatGPT: AI deemed it fully compliant, and I couldn't have thought of it myself)

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• STRC Plunges 20%, Collateral Shrinkage Triggers Crisis
• Official Says "Expected Volatility"! Not a UST-Style Death Spiral
• High Returns Come with High Risks, Market Reprices RWA Stablecoins

The consecutive downturn in the cryptocurrency market is transmitting pressure to the emerging decentralized finance (DeFi) derivatives market. According to market data from June 24 to 25, 2026, the new synthetic dollar stablecoin apxUSD, which uses RWA (Real World Assets) as collateral, is facing its most severe depegging crisis since launch, with prices falling to a low of $0.74 to $0.78 and its circulating market cap shrinking to approximately $280 million.

STRC Plunges 20%, Collateral Shrinkage Triggers Crisis

The core of this depegging storm originates from apxUSD's underlying collateral—the STRC variable-rate perpetual preferred stock issued by Strategy (formerly MicroStrategy). STRC was designed to trade around a par value of $100, attracting buyers with a dynamic dividend yield of up to 9% to 11.5%.

However, because Strategy's balance sheet is highly tied to Bitcoin (BTC), the recent sharp pullback in Bitcoin has directly dragged down STRC's performance. As of the close on the 24th, STRC's price fell to approximately $80.84, with an intraday low touching $79.85, a significant discount of nearly 20% from the $100 par value.

The sharp contraction in collateral net asset value (NAV), combined with panic liquidation triggered by high retail leverage, directly led to apxUSD losing its value support. Additionally, due to the drop below par, Strategy finds it difficult to issue new shares through ATM (At-the-market) offerings to raise funds for purchasing Bitcoin, further amplifying the market's downward pressure.

Official Says "Expected Volatility"! Not a UST-Style Death Spiral

In fact, this is not the first time apxUSD has faced a test. As early as June 4 of this year, the stablecoin depegged to $0.90 due to Bitcoin's decline. At that time, the Apyx Finance official called this phenomenon a "feature, not a bug," emphasizing it as expected volatility for preferred stock collateral.

Facing this more severe depegging, the Apyx protocol currently maintains an overcollateralized state and has not seen an asset-backed "death spiral" like Terra (UST). However, market mechanism issues are also exposed at this moment: the cryptocurrency market trades 24/7, while the underlying STRC stock is limited to traditional U.S. stock trading hours. This severe "liquidity mismatch" leads to massive redemption pressure and secondary market selling for apxUSD during U.S. market holidays.

High Returns Come with High Risks, Market Reprices RWA Stablecoins

Analysis points out that although the dual-token model of apxUSD and its yield-bearing version apyUSD can offer high annual percentage yields (APY) exceeding 10%, investors must recognize that such assets are essentially more like "NAV-tracking assets" rather than traditional hard-pegged stablecoins. They fully inherit the high volatility risk of Bitcoin and preferred stocks.

Currently, investors holding apxUSD (especially leveraged lending positions) are facing substantial unrealized principal losses. The market is closely watching Strategy's next dividend adjustment expected at the end of June and whether Bitcoin prices can stabilize. This extreme stress test for RWA stablecoins is forcing the market to reprice the potential risks of high-yield derivatives.