apyUSD

Apyx opened publicly in February 2026 with two jobs divided between two assets. apxUSD would circulate in markets; depositing it into apyUSD would direct the holder toward portfolio income. On March 17, the team explained the split explicitly: one token for liquidity, another for savings.

The share adds a vault layer between the holder and the securities. Apyx’s terms, issued by Preference Capital (BVI) Ltd. and its affiliates, characterize protocol assets as programmatic claims against modules, rather than claims against a particular entity. An apyUSD balance therefore begins with vault-held apxUSD, not STRC, SATA or cash held in a brokerage account under the user’s name.

Strategy and Strive are the issuers of STRC and SATA; the portfolio holder receives their cash dividends outside the blockchain. Apyx collects those cashflows and converts them into apxUSD. An authorized YieldDistributor call sends an amount to LinearVestV0, which releases it over a configurable period instead of crediting it all at once.

The vault adds its apxUSD balance to the income already released under that schedule. It can verify token accounting, but it does not observe a bank payment and decide how much income to credit. New deposits share the same stream, and exiting positions leave it. Returns depend on the income supplied, distribution period and number of participating shares.

The April 29 Royco Dawn integration let participants divide apyUSD exposure into senior and junior positions. It changed who would absorb losses first; it did not change Apyx’s collateral. The launch announcement described a 20-day apyUSD withdrawal and separately gave Royco a 30-day observation period. Those were different clocks in different products.

Apyx’s June 8 post-mortem then reported STRC falling below par and apxUSD reaching about $0.90. The team said apyUSD’s conversion rate did not decline because it recorded realized income rather than STRC’s market price. This preserved the number-of-tokens calculation, not a dollar guarantee. Exiting the vault still delivered apxUSD, whose sale or eligible primary redemption was another step.

The February 27 launch article had listed a 30-day apyUSD cooldown; the April 29 integration announcement described 20 days. The same June report described a 3-to-20-day exit window with a fee declining from 3.5% to 0.1%. By September 5, the product overview described NFT withdrawal receipts claimable after 3 days and allowed multiple requests. Yet it retained a roughly 20-day, single-request section, and the technical guide still included examples where adding a withdrawal reset the whole wait.

At Ethereum block 25,910,060 the proxy was connected to the newer NFT implementation. A withdrawal burns shares and escrows apxUSD in a non-transferable receipt. The vault fee was 0.1%; the receipt charged 3.4% at the first claimable point, day 3, declining linearly to 0% at day 20. The two charges use different bases. Verified receipt code offered no cancellation, and a change to the global fee curve would also reach existing receipts. This dated state resolves the active route without making its parameters permanent.

The contracts leave operational choices with authorized roles. They can pause or upgrade the vault and receipt, change fees and blocked-address checks, or replace connected contracts. YieldDistributor can redirect distributions or withdraw tokens; LinearVestV0 administrators can change the release period and beneficiary. Apyx’s stated design against lending deposited apxUSD still leaves the backing portfolio in third-party custody.

On September 1, Apyx introduced aptUSD with Treasury-and-cash backing and advertised no cooldown. That separate product made apyUSD’s position clearer: it remained the digital-credit savings asset, with a dividend stream and delayed conversion back into apxUSD. The expansion offered another source of income and liquidity; it did not turn existing apyUSD shares into the new Treasury product.