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Apyx Finance’s apxUSD slips to $0.93 as Bitcoin drop hits STRC-backed peg

Apyx Finance’s apxUSD slips to $0.93 as Bitcoin drop hits STRC-backed peg

Apyx said the brief June 4 depeg during market volatility reflected the design trade-offs of its non-fiat, preferred-stock-backed stablecoin rather than an unexpected system failure.

BTC
MORPHO

Fact Check
Multiple sources confirm the core facts. CoinDesk reports the depeg to 93 cents on June 4, 2026, as bitcoin dropped below $63,000, with Apyx defending it as expected behavior of its preferred-equity-backed stablecoin. CryptoBriefing independently corroborates the ~$0.93 figure and STRC-backed design. Apyx's own X statement (Office Hours #12) confirms the apxUSD discount, attributes it to STRC volatility, and frames the event as a managed design trade-off rather than failure, directly matching the claim's framing.
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Summary

Apyx Finance’s stablecoin apxUSD briefly depegged to $0.93 on Wednesday, June 4, as Bitcoin at one point fell below $63,000 and its main collateral, Strategy preferred stock STRC, traded below its $100 par value. Apyx said the move was expected for its preferred-stock-backed, non-fiat stablecoin design and pointed to overcollateralization, a dividend adjustment mechanism, and buffers in cash and short-term Treasuries as safeguards. The episode highlighted the risks and potential instability that can affect alternative collateral models during volatile markets, while Apyx said liquidations on Morpho are unlikely because its core apyUSD/apxUSD market depends mainly on dividend accrual rather than STRC spot prices.

Terms & Concepts
  • depegged: Fell away from its intended fixed price, in this case the U.S. dollar.
  • overcollateralization: A structure in which backing assets exceed the value of the token issued against them.
  • Morpho liquidations: Forced sales on the Morpho lending protocol when collateral no longer meets required thresholds.