연간 수익률 13% 초과, Apyx가 ‘비트코인의 킬러 앱’을 체인 위로 옮기고 있다

Original | Odaily Planet Daily (@OdailyChina)

Author | Liaoliao

The cryptocurrency market, especially the decentralized finance (DeFi) sector, is constantly seeking underlying assets that offer stability, high liquidity, and high yields. As yields on traditional real-world assets (RWA, like US Treasury bonds) gradually level off, the DeFi market's hunger for high-yield, yield-bearing assets is driving a new paradigm shift. Against this backdrop, stablecoin projects based on STRC are rising at an astonishing pace.

As the cornerstone of the crypto world, stablecoins have evolved from early fiat-collateralized types (like USDT, USDC) to crypto-asset overcollateralized types (like USDS), algorithmic stablecoins (like the collapsed UST), and the recently emerged basis-trading stablecoins (like USDe).

However, the current market pain point is that stablecoin yields below 10% or even 5% can no longer satisfy the risk premium demands of on-chain capital, while excessively high algorithmic yields often come with systemic risks like the "death spiral."

STRC-powered stablecoin projects are filling this gap at just the right time. Judging by TVL growth rate, on-chain capital flows, and community buzz, building stablecoins on STRC has become one of the most closely watched sub-sectors in the current DeFi market.

Especially with the support of yield protocols like Pendle and Morpho, these products are no longer just simple "stablecoins" but are evolving into a new asset class that combines stability, yield, and financial composability.

What is STRC?

So-called STRC refers to a "Bitcoin credit instrument" launched by Bitcoin treasury company Strategy.

Odaily Note: For a detailed explanation of STRC, refer to "Ten Thousand Words on STRC: Strategy's New Magic for Raising Money to Buy Bitcoin."

Simply put, Strategy raises funds from the market by issuing STRC and uses the proceeds to continuously buy Bitcoin. STRC holders, in turn, receive floating interest payments exceeding 12.3% paid monthly. Unlike traditional bonds, STRC is preferred stock, not debt, and thus has no fixed maturity date. Concurrently, its dividend rights are senior to common stock (MSTR), giving it a strong "fixed-income-like" attribute.

The most unique aspect of STRC is that it essentially transforms Bitcoin's long-term appreciation expectations into a "Digital Credit" product acceptable to traditional capital markets.

To keep STRC's price stable near its $100 par value, Strategy dynamically adjusts its dividend yield – increasing the yield to attract capital when STRC falls below par, and issuing more shares to suppress the premium when STRC trades above par.

Since Strategy launched STRC, market reception has been quite positive, thanks to its relatively stable "peg" performance (several brief deviations have been successfully corrected) and its attractive yield.

As of writing, the total issuance of STRC has surpassed $10.4 billion, accounting for over 60% of the total issuance of preferred stocks in the global market in 2026.

Earlier this month, Strategy founder Michael Saylor stated in an interview with David Lin that digital credit products like STRC are Bitcoin's killer app (see "Interview with Michael Saylor: I Said I Would Sell Bitcoin, But It Won't Be Net Selling").

However, traditional STRC shares typically circulate only among Wall Street hedge funds, qualified institutions, and high-net-worth accredited investors. On-chain DeFi users, due to barriers like thresholds, compliance, and capital channels, find it difficult to access this high-yield product that is currently sweeping traditional financial markets.

This is precisely the focal point of Apyx, the subject of this article.

Apyx's mission is to act as a bridge between Wall Street's digital credit instruments and on-chain DeFi legos. By employing an innovative on-chain financial architecture, it brings the excess yield opportunities of STRC on-chain, creating a next-generation yield-bearing stablecoin that combines high liquidity, composability, and even higher returns.

Deconstructing Apyx: Potentially the Highest-Yielding Stablecoin on the Market

Unlike many stablecoin projects that rely on airdrop narratives and lack genuine yield sources, Apyx's core competitiveness lies not just in its "higher APY," but in its simultaneous possession of traditional financial capital capabilities and the composability of on-chain protocols.

Regarding its background, Apyx's core supporting entity is the US-listed treasury company DeFi Development Corp. It not only participated in Apyx's incubation and strategic investment but also provided the crucial bridge connecting traditional capital markets with the on-chain world.

In terms of product design, Apyx employs a dual-token model: apxUSD + apyUSD.

Among these, apxUSD is closer to a traditional stablecoin, pegged to $1, primarily serving as a medium of exchange and on-chain liquidity. apxUSD does not automatically accrue yield; it's more like a highly liquid "base dollar asset" suitable for trading, payments, lending, etc.

The true core value of Apyx is reflected in apyUSD. Users can lock up apxUSD to mint apyUSD (subject to a 20-day unlock period). Similar to Lido's wstETH, its price increases as the underlying yield accumulates. In other words, apyUSD itself is a vessel for yield.

Currently, the real-time annualized yield for apyUSD is around 11%, with expected annualized returns exceeding 13%. Against the backdrop of continuously declining overall yields for USD stablecoins, a stablecoin asset with a genuine yield source reaching double digits naturally becomes exceptionally attractive.

Furthermore, it's crucial to emphasize that unlike many stablecoin projects that rely on token subsidies to achieve short-term high yields, Apyx's core yield comes from STRC dividends, making the yield source more stable and sustainable.

Data from Defillama shows that since its launch at the end of February this year, the issuance of apxUSD has rapidly reached 502 million coins in less than three months, making it the 21st largest stablecoin protocol in the DeFi world by issuance size.

Of course, yield alone is insufficient to sustain a stablecoin ecosystem. What truly determines a protocol's ceiling is the composability and liquidity efficiency of its assets. On this front, Apyx has clearly done extensive work – currently, Apyx is deeply integrated with several major protocols like Morpho, Curve, and Pendle.

On Morpho, users can use apyUSD as collateral to borrow other assets, enabling operations like "earning yield while releasing liquidity." More aggressive players can even engage in looping strategies to amplify yield exposure. Curve handles the liquidity aspect. By creating trading pools pairing apxUSD with mainstream stablecoins like USDC and USDT, Apyx ensures low slippage even during large swaps, which is critically important for a stablecoin system.

As for Pendle, it might be the most explosive component of the entire Apyx ecosystem. Because Pendle can split yield-bearing assets into PT (Principal Token) and YT (Yield Token), apyUSD is no longer just a "hold-and-earn" asset but evolves into a tradable, leveragable, speculative yield product. Conservative users can lock in fixed yields through PT, while more aggressive users can amplify their bets on future yields by buying YT.

It is precisely because of this high composability that Apyx's ecosystem expansion speed is noticeably faster than many traditional stablecoin protocols.

In a sense, Apyx is not just "issuing a high-yield stablecoin"; it seems to be attempting to establish a full-fledged on-chain credit market centered around STRC.

Points Program and Strategies

In today's DeFi market, "points" are far more than simple user incentive tools; they function more like a way to pre-price future token权益. Especially now that the market has re-entered a phase of liquidity competition, a project's ability to continuously attract capital often depends on two things: whether the yield is high enough, and whether the token expectation is clear enough.

Apyx's ability to rapidly accumulate significant TVL in a short time is largely attributable to its current points system. According to the official plan, Apyx's points program follows a phased approach:

• Season 1 ended on May 22, 2026. The team has confirmed allocating 5% of the total token supply to early participants in this phase.
• Immediately after Season 1 ended, Season 2 launched, running until October 11, and continues to release 6% of the token incentive.
• After Season 2 concludes, Apyx will have its TGE and airdrop on October 13.

This pacing is quite clever. On one hand, the deadlines for each Season naturally create "sprint windows," encouraging capital inflow acceleration before the end. On the other hand, the seamless transition into Season 2 avoids the common "TVL collapse post-season 1" problem faced by many projects. Most importantly, Apyx has set a clear date for its TGE and airdrop, providing users with a more definite interaction timeline.

For the market, this means Apyx's airdrop expectation isn't a short-term event but rather a months-long liquidity war. From a user's perspective, the key question becomes "how to earn points most efficiently."

Apyx provides the point-earning efficiency for different actions on its official website. Simply put, it can be divided into "Basic Mode" and "Advanced Mode."

"Basic Mode" involves simply holding apxUSD (10x points) or apyUSD (1x points). "Advanced Mode" involves flexibly using the integrated protocols, such as borrowing/lending apxUSD on Morpho (5x points) or providing LP for apxUSD on Curve (12x points). The most efficient strategy involves Pendle: directly holding YT for apxUSD yields a 32x multiplier, while providing LP for apxUSD on Pendle gives a 24x point bonus.

Competitive Landscape and Apyx's Advantages

As a nascent track still in its very early stages, the STRC-driven stablecoin market doesn't have many truly core players. In terms of capital scale, market attention, and ecosystem expansion speed, the projects that have genuinely formed influence are essentially just Apyx and Saturn. In a sense, the entire "digital credit stablecoin" track is gradually showing a duopoly competitive landscape.

Although Saturn launched earlier, Apyx has now overtaken it in terms of data. Overall, Apyx's competitive advantages are evident across several key dimensions.

First, absolute TVL scale and underlying asset holding advantage.Apyx established a clear strategic goal in its project positioning: to become the world's largest institutional holder of STRC. By the end of April, its holdings had reached $125 million (compared to Saturn's $50 million). If Apyx achieves its strategic goal, it would monopolize the on-chain yield distribution rights based on Strategy's digital credit at the source. Furthermore, for stablecoins, Apyx's larger TVL means deeper trading pools, lower slippage for large swaps, and more robust liquidity efficiency, safely accommodating the entry and exit of significant capital.

Second, higher yields with no risk of yield suspension. For the target customer base of Apyx and Saturn, the core demand is consistent and predictable yield. Compared to Saturn's sUSDat, Apyx's apyUSD static holding yield has consistently maintained an annualized advantage of around 2%. Additionally, a very important point is that sUSDat's design is deeply tied to STRC's exchange rate. When STRC falls below its "Watermark" due to ex-dividend events or other reasons, yield accumulation for YT-sUSDat is completely suspended. Apyx does not have this problem at all.

Third, a clearer TGE expectation with no VC sell pressure. Users in the crypto industry dislike "indefinite point PUA" the most. Compared to Saturn, Apyx has clearly disclosed its TGE date, the timeline and reward breakdown for each Season's points activities. This psychologically makes user retention easier. Furthermore, Apyx's development did not involve VC funding, only a minimal amount of early investment, partly from the founding contributors themselves. This means there are no私募轮 institutions dumping on retail users before the token launch, making the token rewards corresponding to the points more ideal.

Potential Risks and Future Outlook

It must be clearly emphasized that Apyx's high yields do not mean "risk-free." In essence, Apyx remains a yield product built upon a Bitcoin credit structure, not a traditional risk-free dollar asset. Therefore, before discussing its growth potential, one must honestly acknowledge the risk sources behind it.

First, the credit risk of the underlying asset itself. STRC's core logic rests upon Strategy and its Bitcoin balance sheet. In other words, the market's willingness to accept STRC's yield fundamentally stems from a belief that Strategy can continuously use its Bitcoin holdings to maintain its credit structure, successfully completing financing, expanding its balance sheet, and making interest payments.

If the Bitcoin market experiences extreme volatility, such as a sharp crash in a short period, or if market risk appetite for Strategy's leverage model significantly declines, STRC's market pricing, liquidity, and yield structure could all be affected. While this "systemic risk" doesn't mean the protocol will immediately collapse, it does imply that Apyx's yield source is somewhat tied to the Bitcoin cycle itself.

Second, the typical DeFi composability risk. Since Apyx is deeply integrated with protocols like Morpho, Curve, and Pendle, its ecosystem is built upon a highly complex on-chain composability structure. The advantage of this structure is vastly improved capital efficiency. However, the trade-off is a more coupled risk profile for the entire system.

For example, if an underlying protocol suffers a smart contract vulnerability, liquidity crisis, or abnormal liquidation mechanism, the risk could propagate through the LP, collateral, and yield-splitting structures to the entire ecosystem. This effect is particularly amplified as looping and high-leverage strategies become more common, often magnifying market volatility.

Therefore, Apyx is better understood as a "medium-to-high risk, high-reward" on-chain credit asset, rather than a replacement for traditional overcollateralized stablecoins. However, it is precisely this risk stratification that gives Apyx its unique appeal in the current market environment.

The stablecoin market today faces an increasingly obvious problem: yields are rapidly commoditizing. As US Treasury yields decline and traditional arbitrage opportunities narrow, the genuine yield most stablecoin protocols can offer is becoming increasingly limited. The market needs new yield sources, and users are willing to accept a certain level of risk for higher returns.

Over the past few years, from LSD and Restaking to Pendle's yield trading, the entire DeFi market has been validating the same concept: Users are never averse to risk; what they truly avoid are assets with a poor risk-return profile. The emergence of STRC precisely provides the market with a new "risk vs. reward" option.

In the past few months, the sustained growth in TVL for Apyx and the entire STRC track demonstrates that the market is voting for this narrative with real capital.