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 apxUSD 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.