The stablecoin apxUSD once depegged to 0.93 USD, and the protocol party stated that it is a normal mechanism

The stablecoin apxUSD, issued by the Apyx protocol and primarily collateralized by Strategy preferred stock STRC, briefly depegged during the time Bitcoin fell below $63,000, dropping to a low of $0.93. Apyx stated that this fluctuation was not a vulnerability but rather an expected performance of the preferred stock collateralized stablecoin. Since the reserve assets of apxUSD are mainly composed of STRC preferred stock with a face value of $100, when STRC falls below its face value in the secondary market, the market value of the reserve assets will decrease, leading to price fluctuations in the stablecoin.

The protocol claims that its stability mechanism includes over-collateralization, a dividend adjustment mechanism, and cash and short-term U.S. Treasury reserves as a buffer. Data shows that since last August, STRC has fallen below its face value four times, but has ultimately returned to $100 each time. In response to market concerns about a chain liquidation in the Morpho lending market, Apyx stated that its core apyUSD/apxUSD market primarily relies on the accumulation of dividend income rather than the spot price of STRC, so related fluctuations will not trigger large-scale liquidations.