Apyx's apxUSD stablecoin briefly fell to 93 cents on Wednesday amid a drop in Bitcoin's price, which fell below $63,000. Apyx asserts that this depeg is a typical behavior for a stablecoin backed by preferred equity rather than cash deposits. The apxUSD stablecoin is primarily supported by preferred equity shares from Strategy, which have a par value of $100. Apyx has a two-token system where apxUSD is the base stablecoin, while holders can earn yield through apyUSD, a yield-bearing savings token. The protocol claims that its collateralization strategy, which includes short-term U.S. Treasuries, ensures liquidity and reduces concentration risk. Apyx maintains that the collateral value exceeds the circulating supply of apxUSD, providing a buffer against market fluctuations. Despite concerns from market participants about the stability of the stablecoin, Apyx reassured users that the depeg was an expected outcome and not indicative of a failure in the system.