PT-apyUSD/USDC PT Looping: Up to 44% APY

apyUSD is Apyx's yield-bearing stablecoin backed by preferred shares in digital credit assets (STRC ~11% APY, SATA ~12.5% APY). Monthly dividend distributions pass through to holders as an appreciating exchange rate.

How the strategy works

This is a max-APY yield loop: PT-apyUSD is supplied as collateral and USDC is borrowed against it on Morpho, then recycled back into PT-apyUSD to multiply the underlying Preferred Dividends yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.

Strategy details

Collateral asset

PT apyUSD 5NOV2026 (PT-apyUSD)

Borrowed asset

USDC

Issuer

Apyx

Yield source

Preferred Dividends

Underlying

USD

Category

stable-PT

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

15.10%

Net borrow APY

9.91%

Max leverage

7.0x

Default leverage

6.7x → 44.68% APY

Leverage ladder

1x 15.10% · 2x 20.29% · 3x 25.48% · 4x 30.67% · 5x 35.86% · 6x 41.05% · 7x(max) 46.24%

Oracle type

nav

Exit slippage

$100k 1.39% · $500k 39.41% · $1M 72.83% · $5M 95.38% · $10M 99.94%

as-of 2026-08-20T09:34:34.372Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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