年化超13%，Apyx正在把“比特币的杀手级应用”搬到链上

Original | Odaily Planet Daily (@OdailyChina)

Author｜Liao Liao

The cryptocurrency market, particularly the decentralized finance (DeFi) sector, is perpetually in search of underlying assets that combine stability, high liquidity, and high yield. As yields on traditional real-world assets (RWA, such as U.S. Treasuries) gradually stabilize, the DeFi market's thirst for high-yield, yield-bearing assets has catalyzed a new paradigm shift. Against this backdrop, stablecoin projects based on STRC are rising at an astonishing pace.

Stablecoins, the bedrock of the crypto world, have evolved from early fiat-collateralized types (e.g., USDT, USDC), through crypto over-collateralized types (e.g., USDS), to algorithmic stablecoins (e.g., the collapsed UST) and the more recent basis-trading models (e.g., USDe).

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

STRC-driven stablecoin projects are filling this gap at the opportune moment. Judging by TVL growth rates, on-chain capital flows, and community discussion热度, building stablecoins on top of STRC has become one of the most watched niche 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 generation, and financial composability.

What is STRC?

STRC refers to a "Bitcoin credit instrument" launched by Strategy, the Bitcoin treasury company.

Odaily Note: For a detailed analysis of STRC, please refer to "A Comprehensive Guide to STRC: Strategy's New Magic Trick for Raising Funds to Buy Bitcoin."

In simple terms, Strategy issues STRC to raise funds from the market, then uses the proceeds to continuously purchase Bitcoin. STRC holders, in turn, receive a floating interest yield of over 12.3% paid monthly. Unlike traditional bonds, STRC is preferred stock, not debt, and thus has no fixed maturity date. Concurrently, its dividend rights rank above common stock (MSTR), giving it strong "fixed-income-like" characteristics.

The most unique aspect of STRC is that it effectively converts the long-term appreciation expectation of Bitcoin into a "Digital Credit" product acceptable to traditional capital markets.

To maintain STRC's price stability around its $100 face value, Strategy dynamically adjusts its dividend rate – raising yields to attract capital when STRC falls below par, and suppressing premiums via additional issuance when it trades above par.

Since Strategy launched STRC, the market response has been quite positive, thanks to its relatively stable "pegging" performance (deviations have been successfully corrected) and its considerable yield.

As of writing, the total issuance of STRC has surpassed $10.4 billion, accounting for over 60% of the total preferred stock issuance volume across the entire market in 2026.

Earlier this month, Strategy founder Michael Saylor stated in an interview with David Lin that digital credit products like STRC are the killer application for Bitcoin (see "Interview with Michael Saylor: I Said I Would Sell Bitcoin, But It Will Never Be Net Selling").

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

This is precisely the focus of Apyx, the subject of this article.

Apyx aims to act as a bridge between Wall Street's digital credit instruments and on-chain DeFi legos. By innovating on-chain financial architecture, it introduces the excess yield opportunities of STRC onto the chain, constructing a next-generation yield-bearing stablecoin that boasts high liquidity, composability, and higher returns.

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

Unlike many stablecoin projects that rely on airdrop narratives and lack genuine income sources, Apyx's core competitiveness lies not merely in its "higher APY," but in its underlying combination of traditional financial capital capabilities and on-chain protocol composability.

In terms of background, the core supporting entity behind Apyx is the Nasdaq-listed treasury company DeFi Development Corp. This entity participated in Apyx's incubation and strategic investment, while also providing a crucial bridge connecting traditional capital markets with the on-chain world.

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

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 acts more like a high-liquidity "base dollar asset" suitable for trading, payments, lending, and other scenarios.

The core value of Apyx is truly embodied in apyUSD. Users can lock apxUSD to mint apyUSD (with a 20-day unlock period). apyUSD is similar to Lido's wstETH; its price increases continuously as the underlying yield accumulates. In other words, apyUSD itself is the carrier of yield.

Currently, the real-time annualized yield for apyUSD is approximately 11%, with an expected annualized yield exceeding 13%. Against the backdrop of a continuous decline in overall dollar stablecoin yields, a stablecoin asset with genuine yield sources and double-digit returns naturally becomes exceptionally attractive.

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

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

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. Apyx has already deeply integrated multiple mainstream protocols, including Morpho, Curve, and Pendle.

On Morpho, users can use apyUSD as collateral to borrow other assets, enabling an "earn yield while releasing liquidity" strategy. More aggressive players can even engage in looped borrowing to amplify yield exposure. Curve handles the liquidity aspect. By creating trading pools with mainstream stablecoins like USDC and USDT, Apyx ensures low slippage even during large swaps, which is crucial for any stablecoin system.

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

It is precisely this high degree of composability that has driven Apyx's ecosystem expansion significantly faster than many traditional stablecoin protocols.

In a sense, Apyx is not just "issuing a high-yield stablecoin"; it is attempting to establish an 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 are more like a way to pre-price future token权益. Especially as the market re-enters a phase of liquidity competition, a project's ability to consistently attract capital often depends on two things: whether the yield is high enough and whether the token expectations are clear enough.

To a large extent, Apyx's ability to rapidly amass significant TVL is tied to its current points system. According to the official roadmap, Apyx's points program adopts a phased approach:

• Season 1 ended on May 22, 2026. The team has confirmed that 5% of the total token supply will be allocated to early participants in this phase.
• Season 2 launched immediately after Season 1 ended and will run until October 11, distributing another 6% of token incentives.
• Upon the conclusion of Season 2, Apyx will hold its TGE and airdrop on October 13.

This pacing is quite clever. On one hand, each season's deadline naturally creates a "sprint window," prompting accelerated capital inflow before the end. On the other hand, the seamless transition into Season 2 avoids the common "TVL collapse after Season 1" problem. Most importantly, Apyx has confirmed a clear TGE and airdrop date, giving users a more defined interaction expectation.

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

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

"Basic Mode" means simply holding apxUSD (10x points) or apyUSD (1x points). "Advanced Mode" involves flexibly using the aforementioned integrated protocols. For example, 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 grants 32x points, while providing LP for apxUSD on Pendle offers a 24x point bonus.

Competitive Landscape and Apyx's Advantages

As a nascent sector still in its very early stages, the STRC-driven stablecoin market currently lacks 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 two: Apyx and Saturn. In a sense, the entire "digital credit stablecoin" track is gradually forming a duopoly competitive landscape.

Although Saturn launched earlier, Apyx has now surpassed it in terms of data metrics. Overall, Apyx's competitive advantages manifest in several key dimensions.

Firstly, absolute TVL scale and underlying asset holding advantage. Apyx has established a clear strategic goal from its project positioning – to become the world's largest institutional holder of STRC. As of late April, its holdings reached $125 million (compared to Saturn's $50 million). Once Apyx achieves its strategic goal, it could effectively monopolize the distribution rights for on-chain yields derived from Strategy's digital credit. Furthermore, for a stablecoin, Apyx's larger TVL implies deeper liquidity pools, lower slippage for large swaps, and more robust liquidity efficiency, securely accommodating the entry and exit of large capital.

Secondly, higher yield and 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 has consistently maintained an annualized yield advantage of around 2% on a static holding basis. Moreover, a very important factor is that sUSDat's design is deeply tied to the exchange rate of STRC. When STRC drops below its "Watermark" due to ex-dividend or other reasons, the yield accrual for YT-sUSDat completely pauses. Apyx has no such issue.

Thirdly, clearer TGE expectations and no VC selling pressure. Users in the crypto industry are most averse to "indefinite point PUA." Compared to Saturn, Apyx has clearly disclosed its TGE date and the timeline and token rewards for each Season's point activity. This makes it easier to retain users from a psychological standpoint. Additionally, Apyx's development did not involve VC funding, only minimal early-stage investment, partly from the founding contributors themselves. This means there are no private round institutions ready to dump on retail investors before they can sell, making the token rewards from points more attractive.

Potential Risks and Future Outlook

It must be clearly emphasized that Apyx's high yield does not mean "risk-free." By its nature, Apyx remains a yield product built upon Bitcoin's credit structure, not a traditional risk-free dollar asset. Therefore, before discussing its growth potential, it is necessary to confront the sources of risk behind it.

First, there is the credit risk of the underlying asset itself. The core logic of STRC rests on Strategy and its Bitcoin balance sheet. In other words, the market's willingness to accept STRC's yield fundamentally relies on the belief that Strategy can continue to use its Bitcoin assets to maintain its credit structure, continuously completing financing, expanding its balance sheet, and making interest payments.

If the Bitcoin market experiences extreme volatility, such as a sharp short-term crash or a significant decrease in market risk appetite for Strategy's leverage model, then STRC's market pricing, liquidity, and yield structure could all be affected. While this "systemic risk" does not mean the protocol will collapse immediately, it does imply that Apyx's yield source is tied, to some extent, to the Bitcoin cycle itself.

Second, there is the typical DeFi composability risk. Because Apyx is deeply integrated with protocols like Morpho, Curve, and Pendle, its ecosystem is built upon a highly complex on-chain composability. The advantage of this structure is a significant boost in capital efficiency. However, the cost is that the risks across the entire system become more coupled.

For example, if a vulnerability, liquidity crisis, or liquidation anomaly occurs in one underlying protocol, it could propagate risk throughout the ecosystem via LPs, collateral, and yield-splitting structures. This is especially true as looped borrowing and high-leverage strategies become more prevalent, often amplifying market volatility.

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

Today's stablecoin market faces an increasingly apparent problem: yields are rapidly commoditizing. As U.S. Treasury yields decline and traditional arbitrage opportunities narrow, the genuine yield that most stablecoin protocols can offer is becoming increasingly limited. The market needs new sources of yield, and users are willing to accept a certain degree of risk for higher returns.

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

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