In light of the Apyx protocol’s (“Apyx”) recent success, we want to make clear who we are, what we are building, and where we are headed. Apyx is not here to be another DeFi protocol fighting for mercenary liquidity. It is a next-generation yield platform bringing digital credit and bitcoin-backed products onchain.

Bitcoin is pristine collateral. Because it is scarce, global, liquid, and outside the control of any single government or entity, it created an entirely new monetary foundation. That foundation is now beginning to support a new class of credit products. Strategy (MSTR) showed the market how this works by building credit instruments on top of bitcoin, turning a portion of bitcoin’s long-term upside into steady, dollar-denominated yield. STRC is the proof. It grew to $10.5B in under a year after IPO, despite a choppy market. 

This is the beginning of a much larger shift. Over the coming years, bitcoin and other major crypto assets will take their place as global digital collateral. Around them, a new digital credit market is forming. Apyx is built to accelerate that transition and will help create a financial system that is fairer, more open, and more rewarding for everyone. 

Today, most of the $320B stablecoin market is backed by analog credit, mainly U.S. government treasuries. Treasuries may be the default collateral of the traditional system and considered “risk-free,” but they are still sovereign debt backed by a government that can issue more currency at will.

Picture the end state: anyone, anywhere in the world opens an app, picks the yield they want, and earns double-digit returns backed by bitcoin and digital credit. They can explain where the yield comes from in one sentence. While fiat debases around them, they have a way to preserve and grow wealth. This is Apyx. Our ultimate goal is to unlock transparent yield to the world while accelerating the adoption of bitcoin and other digital assets.

The Opportunity: STRC World Takeover

Two things are true today:

1. Digital credit is being born: STRC, SATA, and similar instruments are the first examples of this new category: credit products backed by bitcoin and other digital assets. Digital credit instruments take a portion of bitcoin’s long-term upside and convert it into steady, digestible yield. In that sense, these instruments are beginning to look like the new T-bill, except backed by digital collateral instead of sovereign debt.
2. People are yield-impoverished: Most people live under capital controls, weak local banking systems, limited access to dollar yield, and inflation that steadily erodes their savings. Inflation is misreported or understated, which makes the problem even harder to see. Without access to savings products that can beat inflation, people become poorer over time.

In other words, the instruments now exist, and the demand is enormous. What is missing is the trusted brand and simple user experience that makes this category accessible to the world. Whoever owns that interface owns the user relationship. Apyx intends to own it.

Digital credit and bitcoin-backed products are growing fast, and STRC is leading the charge. STRC’s notional value is up 255% YTD to $10.5B with no signs of slowing. Strategy harnessed its $62B bitcoin balance sheet to create an instrument that pays a steady, 11.5% dollar-denominated yield, and retail can finally hold a piece of bitcoin's upside without holding the volatility. As we’ve previously outlined, STRC could approach $100B in notional in the next 24 months, and as SATA showed, STRC is just the first of many bitcoin-backed products. We expect other issuers to follow, bringing the category to well over $100B by 2030. But this is just the beginning.

This is bitcoin integrating with DeFi. For years bitcoin sat on the sidelines of onchain finance. Digital credit changes that by turning bitcoin's outperformance into a yield anyone can hold, compose, and build on. In under a year, STRC alone has grown to roughly 13% of all DeFi TVL. Digital credit products coming onchain could double DeFi TVL over the next 12 months. Our view of the endgame is as follows: every retail investor can earn double-digit yield, shielded from inflation, while fiat quietly destroys itself. Apyx exists to bring this to reality.

Our Unique Position

Apyx is digital money built on digital credit backed by pristine digital collateral. 

Most of the market is still optimizing around yesterday’s collateral base: U.S. treasuries, fiat rails, and yield generated by the traditional financial system. Apyx is built for the next collateral base, where bitcoin and other major crypto assets support a new generation of transparent credit products.

Our position is unique because we do not just hold these instruments. We make them useful onchain.

Today, Apyx is the largest tokenized equity holder globally, with $125M of STRCx, STRC tokenized by xStocks. In just 3 months since launch, total supply has soared beyond $500M and we are currently trending to reach $2B in TVL by mid-October 2026. This traction proves that Apyx gives traditional financial instruments DeFi utility and composability they would otherwise never have. Strategy and Strive cannot do this on their own instruments, but we can.

Apyx also has a structural advantage in how we build our collateral basket. Today, STRC is the anchor asset, representing 58% of reserves, with SATA and other instruments currently expected to grow over time. We believe this is the right path: start with the strongest, most liquid instrument in the category, then diversify deliberately as new opportunities prove themselves.

Over time, a diversified basket of preferred equity is stronger than a single-name basket. Single-name exposure can be fragile. If one issuer makes a critical mistake, the protocol can become overexposed to that mistake and, in a stressed market, may be forced to sell into weakness. A broader digital credit portfolio reduces that risk by insulating the basket from pressure at any one issuer.

That is how Apyx intends to scale: anchored in the best available instruments today, while steadily expanding into a more diversified collateral base as the digital credit market matures.

How Apyx Makes Money

Apyx earns from a small number of risk-managed sources. Each source is easy to understand:

• Yield Spread: Apyx earns yield from the collateral basket, including STRC, SATA, and treasuries. The lion’s share of that yield goes directly to apyUSD holders. Excess flows to overcollateralization and, in the future, to staked governance token holders. Today, apyUSD yield approximates 150-200 basis points above STRC’s dividend rate.
  • Risks: The collateral basket could fall in value. The protocol is overcollateralized, which means the basket would need to fall through that buffer before the protocol is at risk. Over time, Apyx will grow the collateral ratio, which reduces risk for all participants.
• Participation in IPOs: STRC and SATA are likely just the beginning of the digital credit market. As more Digital Asset Treasuries issue preferred equity or similar instruments, Apyx may participate in select offerings at IPO, often at attractive issuance terms. This can help Apyx expand the collateral basket, improve diversification, and increase yield.
  • Risks: A new instrument could trade below issuance price. Apyx manages this by participating selectively and sizing appropriately.
• Buying STRC or SATA below par: When STRC or SATA trades below $100, Apyx can buy the instrument at a discount and earn the difference as it returns to par. For example, buying STRC at $98 creates roughly 204bps of potential upside as the instrument trades back to par. This also supports apxUSD, because the protocol is buying high-quality collateral at a discount.
  • Risks: The instrument (STRC or SATA) may stay below par for longer than expected, or trade lower. Apyx manages this by sizing these purchases carefully.
• Over-collateralized Lending: Apyx may lend up to 15% of assets against high quality collateral. This is a standard, well-established strategy used across the stablecoin and yield market, including by Tether, Sky, and Syrup. Ethena uses a similar playbook at roughly 30% of assets. Apyx’s limit is meaningfully more conservative at 15%. 
  • Risks: The main risk is that collateral falls faster than it can be liquidated. Apyx limits this risk through conservative sizing, reputable and liquid collateral, and disciplined LTVs.
• Partnerships and points: Apyx can also earn additional value through partnerships and ecosystem rewards. For example, holding STRCx through xStocks may generate points toward a future xStocks airdrop. Any rewards earned can be used to strengthen the protocol, grow over-collateralization, and increase the yield generated by the asset base.
  • Risks: Partnership rewards are not guaranteed and may vary in value. Apyx treats them as upside, not as the core source of yield.

Key Takeaway: Apyx manages its collateral base with discipline, seeking additional risk-adjusted yield while strengthening over-collateralization and creating more value for APYX tokenholders, apyUSD holders, and ecosystem partners.

Near-Term (6-12 Months) Focus

The flagship products are apxUSD and apyUSD. apxUSD is a synthetic digital dollar designed to trade near $1, and apyUSD is the yield-bearing token powered by Digital Asset Treasury (“DAT”) preferreds. Both products are collateralized by a basket anchored in price-stable digital credit preferreds such as STRC and SATA. Over time, the basket could expand to include additional crypto-backed preferred stocks.

Over the next 6 to 12 months, our goals include:

• Reach $2B in TVL by October 2026, and 1% of all stablecoin market cap by January 2027.
• Acquire 10% of STRC notional in our collateral basket.
• Maintain expected yields of 13% or higher.
• Launch the APYX governance token with adoption that reflects the scale of the protocol.

Long Term: The Apyx Yield Platform

Before the APYX governance token launches, excess yield generated by the protocol will be used to strengthen the collateral base after operating costs are covered. This increases over-collateralization over time, making Apyx more resilient as it grows.

After the APYX governance token launches, excess yield will be split between various staked APYX holders and continued over-collateralization. The current target (subject to change) is a 50/50 split: half to stakers, half back into the protocol. This structure keeps incentives simple. Apyx has no VC investors. The community built the ecosystem, and the value should stay with the community.

Over time, Apyx is designed to become a full yield platform: a place where users can access transparent, risk-adjusted yield from digital credit, while APYX holders participate directly in the value created by the protocol.

Conclusion

Apyx is built for the digital collateral revolution, when bitcoin and other major crypto assets move from financial assets to the foundation of a new global credit system.

Bitcoin and other major crypto assets are giving rise to a new credit market. Apyx turns that market into simple, usable money: backed by transparent collateral and designed to generate risk-adjusted yield.

The opportunity is for Apyx to help usher in the digital credit system. The mission is to make that system more open, more understandable, and more rewarding than the one it replaces.

In service of digital credit,
Apyx Foundation