A stablecoin tied to Strategy stock depegs putting a new DeFi dollar risk in focus as Bitcoin sells off

Apyx’s apxUSD slipped below its $1 reference on June 4 — briefly trading near $0.93 — during a Bitcoin selloff, underscoring how preferred-share collateral can transmit public-market stress into DeFi. The token is primarily backed by Strategy’s STRC preferred stock and uses cash/Treasury buffers and whitelisted redemptions, meaning STRC’s market price, liquidity depth (apxUSD/USDC pools), and reserve composition now drive peg risk. apxUSD has notable DeFi exposure (Pendle ~$118m TVL, Curve ~$44m), so continued STRC weakness or shallow liquidity could force re‑pricing of the token from “dollar-like” to a credit-linked collateral asset, amplifying slippage, pool imbalance and liquidation risk. The episode highlights structural differences from USDC’s redeemable cash/treasury reserves and serves as a live stress test of hybrid RWA-backed stablecoin designs as BTC volatility rises.