apyUSD(APYUSD)

Overview

apyUSD is a yield-bearing vault token issued by the Apyx protocol on Ethereum, built to the ERC-4626 standard. It wraps apxUSD, a USD-denominated stablecoin backed by preferred equity shares from Digital Asset Treasury (DAT) companies and listed separately on CoinGecko. Users deposit apxUSD into the Apyx yield vault and receive apyUSD in return.

The vault accumulates cash dividends paid by the DAT preferred shares and distributes that income by increasing the apyUSD-to-apxUSD exchange rate over time, so holders accrue yield without staking or manually claiming. The mechanism mirrors how Maker's sDAI and Ethena's sUSDe work. Both apxUSD and apyUSD are ERC-20 tokens on Ethereum; the protocol integrates with Pendle for yield tokenization and trading and with Morpho for lending collateral, while custody of the underlying DAT preferred shares is provided by Anchorage Digital and BitGo.