A stablecoin tied to Strategy stock depegs putting a new DeFi dollar risk in focus as Bitcoin sells off

- apxUSD, the stablecoin backed by Strategy’s preferred stock, just depegged to $0.93 while Bitcoin dipped to $63k. This isn’t a glitch; it’s a feature. Apyx’s design means your "dollar" is actually leveraged exposure to corporate equity. When the market sneezes, apxUSD catches a cold. The reserve risk is squarely on STRC, which pays an 11.5% dividend but lacks collateral claims on Strategy’s BTC hoard. So, you’re holding a synthetic dollar that behaves like a volatile stock during stress. DeFi users are now pricing in the reality that their collateral stack is built on public-market equity, not liquid cash like USDC. If you thought stablecoins were safe, think again. This is credit risk wearing a dollar mask.