APY 年化超過 13%，Apyx 正在把「比特幣殺手級應用」搬到鏈上

Original | Odaily Planet Daily (@OdailyChina)

Author｜Liao Liao

The cryptocurrency market, especially the decentralized finance (DeFi) sector, is constantly seeking underlying assets that offer stability, high liquidity, and high yields. As the yields on traditional Real World Assets (RWA, such as US Treasuries) gradually stabilize, the DeFi market's desire for high-yield interest-bearing assets has spurred a new paradigm shift. Against this backdrop, stablecoin projects based on STRC are rising at an astonishing speed.

Stablecoins, as the cornerstone of the crypto world, have evolved from early fiat-collateralized types (like USDT, USDC), to over-collateralized crypto assets (like USDS), algorithmic stablecoins (like the collapsed UST), and the recently emerged basis trading type (like 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 such as the "death spiral."

STRC-driven stablecoin projects have emerged at the right time to fill this gap. Judging by the TVL growth rate, on-chain capital flows, and community discussion热度, building stablecoins based on STRC has become one of the most closely 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 form of asset that combines stability, profitability, and financial composability.

What is STRC?

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

Odaily Note: For a detailed analysis of STRC, please refer to "A 10,000-word Interpretation of STRC: Strategy's New Magic for Raising Funds and Buying Bitcoin".

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

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

To keep the STRC price stable near its $100 face value, Strategy dynamically adjusts its dividend rate – when STRC falls below face value, it increases the yield to attract capital; when STRC rises above face value, it suppresses the premium through additional issuance.

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

As of writing, the total issuance scale of STRC has exceeded $10.4 billion, accounting for over 60% of the total issuance scale of preferred stocks in 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 Bitcoin's killer app (see "Exclusive Interview with Michael Saylor: I Said I Would Sell Coins, But Definitely Not on a Net Basis").

However, traditional STRC shares often circulate only among Wall Street hedge funds, compliant institutions, and high-net-worth accredited investors. Due to barriers like entry thresholds, compliance, and capital channels, on-chain DeFi users find it difficult to directly access this high-yield product that is sweeping through traditional financial markets.

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

Apyx acts as a bridge between Wall Street's digital credit instruments and on-chain DeFi legos. By innovating on-chain financial architecture, it channels the excess yield opportunities of STRC onto the chain, constructing the next generation of interest-bearing stablecoins that combine high liquidity, composability, and even higher yields.

Deconstructing Apyx, Possibly the Highest-Yield 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 backend capabilities combining traditional finance with on-chain protocol composability.

In terms of background, Apyx's core backer is the US-listed treasury company DeFi Development Corp, which not only participated in Apyx's incubation and strategic investment but also provides a crucial bridge connecting traditional capital markets with the on-chain world.

In terms of product design, Apyx adopts 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 accumulate yield; it acts more like a highly liquid "base dollar asset" suitable for trading, payments, lending, etc.

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

Currently, the real-time annualized yield of apyUSD is around 11%, with expected annualized returns exceeding 13%. Against the backdrop of continuously declining yields for dollar stablecoins, a stablecoin asset with genuine yield sources and double-digit returns is naturally highly attractive.

Furthermore, it is important 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 its yield source more stable and sustainable.

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

Of course, yield alone is not enough to support a stablecoin ecosystem. What truly determines a protocol's ceiling is asset composability and liquidity efficiency. On this front, Apyx has clearly done extensive work – currently, Apyx is deeply integrated with several mainstream protocols including 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 further engage in looping strategies to amplify yield exposure. Curve handles liquidity provision. By creating trading pools pairing apxUSD with mainstream stablecoins like USDC and USDT, Apyx ensures low slippage even during large swaps, which is crucial 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 an asset for "holding and collecting yield" but has evolved into a tradable, leveragable, and speculative yield product – conservative users can lock in fixed yields via PT; 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 significantly faster than many traditional stablecoin protocols.

In a sense, Apyx is not just "issuing a high-yield stablecoin"; it seems more like an attempt to establish an on-chain credit market centered around STRC.

Points Program and Point Accumulation Strategies

In today's DeFi market, "points" are far more than simple user incentive tools; they act more like a way to pre-price future token rights. Especially as the market re-enters 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 a large TVL in a short time is largely related to its current points system. According to the official plan, Apyx's points program adopts a phased approach:

• Season 1 ended on May 22, 2026. The team has confirmed allocating 5% of the total token supply to early participants of this phase.
• Immediately after Season 1 ended, Season 2 commenced, running until October 11th, and will distribute another 6% of tokens as incentives.
• After Season 2 ends, Apyx will have its TGE and airdrop on October 13th.

This rhythm is quite clever. On one hand, the deadlines for each Season naturally create "sprint windows," encouraging capital to rush in before the end. On the other hand, the seamless transition into Season 2 avoids the common "TVL collapse after Season 1 ends" problem seen in many projects. Most importantly, Apyx has confirmed its TGE and airdrop timeline, giving users a clearer interaction expectation.

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

Apyx provides the point-earning efficiency for different operations on its website, which can be broadly categorized 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 mentioned above, 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 of apxUSD earns 32x points, while providing LP for apxUSD on Pendle offers a 24x point multiplier.

Competitive Landscape and Apyx's Advantages

As an emerging赛道 still in its very early stages, the STRC-driven stablecoin market currently doesn't have many truly core players. Looking at capital scale, market attention, and ecosystem expansion speed, the projects that have truly formed influence are basically just Apyx and Saturn. In a sense, the entire "digital credit stablecoin" track is gradually showing a dual-leader competitive landscape.

Although Saturn launched earlier, Apyx has now overtaken it in terms of data. Overall, Apyx's competitive advantages are reflected in the following dimensions.

First, absolute TVL scale and underlying asset holding advantage. Apyx has set a clear strategic goal from 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). Once Apyx achieves its strategic goal, it will monopolize the right to distribute on-chain yields derived from Strategy's digital credit at the source. Furthermore, for a stablecoin, Apyx's TVL advantage translates to deeper trading pools, lower slippage for large swaps, and more robust liquidity efficiency, safely accommodating large capital inflows and outflows.

Second, higher yield and no yield suspension risk. For the target customer base of Apyx and Saturn, the core demand is sustained and predictable yield. Compared to Saturn's sUSDat, Apyx's apyUSD static holding yield consistently maintains an annualized yield advantage of around 2%. Additionally, and very importantly, sUSDat's design is deeply tied to the exchange rate of STRC. When STRC falls below the "Watermark" due to ex-dividend or other reasons, the yield accumulation for YT-sUSDat stops completely, while Apyx has no such issue.

Third, clearer TGE expectations and no VC selling pressure. Users in the crypto industry dislike "indefinite point PUA" the most. Compared to Saturn, Apyx has clearly disclosed its TGE date and the timing and token allocation for each Season's point activities, making users more likely to stay psychologically. Furthermore, Apyx's development did not involve VC funding, with only a minimal amount of early investment, partly from the founding contributors themselves. This means no private round institutions can dump on retail investors before they enter, making the tokens corresponding to points more ideal.

Potential Risks and Future Outlook

It must be clearly emphasized that Apyx's high yield does not mean "risk-free." Essentially, Apyx is still a yield product built upon a Bitcoin credit structure, not a traditional risk-free dollar asset. Therefore, before discussing its growth potential, one must also acknowledge the risk sources behind it.

First, the credit risk of the underlying asset itself. The core logic of STRC is built on the balance sheet of Strategy and its Bitcoin holdings. In other words, the market's willingness to accept STRC's yield is essentially a belief that Strategy can continuously use its Bitcoin assets to maintain its credit structure and successfully complete fundraising, balance sheet expansion, and interest payments.

If the Bitcoin market experiences extreme volatility, such as a sharp and rapid decline, or if the market's risk appetite for Strategy's leverage model decreases significantly, the market pricing, liquidity, and yield structure of STRC could all be affected. While this "systemic risk" does not mean the protocol will immediately collapse, it does imply that Apyx's yield source is tied to a certain extent to the Bitcoin cycle itself.

Second, the typical DeFi composability risk. Because Apyx is deeply integrated with protocols like Morpho, Curve, and Pendle, its ecosystem is built upon highly complex on-chain composability. The advantage of such a structure is the ability to greatly enhance capital efficiency; however, the trade-off is that the entire system's risks become more coupled.

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. Especially with the increasing popularity of looping and high-leverage strategies, market volatility can often be amplified.

Therefore, Apyx is better understood as a "medium-to-high risk, high reward" on-chain credit asset, rather than a replacement for traditional over-collateralized 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 evident problem – yields are rapidly homogenizing. With falling US Treasury yields and narrowing traditional arbitrage opportunities, the real yields that most stablecoin protocols can offer are becoming increasingly limited. The market needs new yield sources, and users are willing to bear 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 been validating the same point – users never shy away from risk; what they truly reject are "assets with poor risk-reward ratios." The emergence of STRC has conveniently provided the market with a new "risk vs. reward" option.

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