Apyx Synthetic Dollar apxUSD Depegs to $0.94 as Bitcoin Slide Erodes Collateral

Apyx’s synthetic dollar, apxUSD, depegged to about $0.94 after a recent slide in Bitcoin knocked down the value of the equity-linked collateral backing the token. Spot On Chain flagged the move, saying the stablecoin is backed by preferred shares of Strategy (MSTR) STRC series and Strive (ASST) SATA series rather than fiat reserves. The ~6% shortfall raises immediate risks for holders and leveraged DeFi positions (margin calls, forced liquidations) and highlights structural vulnerabilities in synthetic stablecoins tied to volatile assets. Market participants and regulators may reassess risk controls for such products; Apyx may need to add collateral or liquidity to restore the peg.