The update follows Apyx’s biggest stress test since June, when heavy redemptions and STRC’s largest drawdown pushed apxUSD below NAV in secondary trading while the protocol remained solvent.
Apyx said it launched Apyx 2.0 after its largest stress test since June exposed flaws in its overcollateralization buffer design. The company said apxUSD briefly fell to about $0.90 in secondary markets as STRC, which had grown to about $500 million in circulation since February, recorded its largest historical drawdown. Apyx said the protocol processed heavy redemptions while remaining solvent, and previously said Morpho had no bad debt during the episode. Apyx 2.0 adds separate redemption value and total collateral metrics, a new RFQ redemption system, and a commitment to publish a public update within two hours if apxUSD trades more than 2% away from NAV.