ROY-ST-apyUSD is the senior tranche of Royco's yield-tranched market on Apyx's apyUSD. Both tranches deposit into apyUSD, which earns preferred-equity dividend yield; the senior tranche takes buffered base yield while junior depositors absorb first losses.
This is a max-APY yield loop: ROY-ST-apyUSD is supplied as collateral and USDC is borrowed against it on Morpho, then recycled back into ROY-ST-apyUSD to multiply the underlying Yield Tranching yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.
Live APY, leverage multiplier and available liquidity are shown in the app.