Apyx | The World's First Dividend-Backed Stablecoin (DBS) — Apyx DeFi Guide & How to Earn Pips

Apyx is the world's first Dividend-Backed Stablecoin (DBS) protocol, launched in February 2026 on Ethereum and Base. It is characterized by providing a settlement layer (apxUSD) and a yield-bearing layer (apyUSD), backed by preferred stock dividends from Digital Asset Treasury (DAT) companies, such as Strategy’s (MSTR) floating-rate perpetual preferred stock, STRC. This article explains the mechanism of Apyx, the APYX governance token, and the participation steps for Pips Season 1.

👉Apyx Official Website

Apyx is a new type of protocol that brings the off-chain income stream of "preferred stock dividends" into the on-chain stablecoin economy, centered on Ethereum and Base. The issued apxUSD serves as the liquidity layer for various uses such as AMMs, lending, and CEX collateral, while apyUSD acts as the yield layer that internally accumulates dividend yields. Furthermore, the APYX governance token creates a three-tier structure, granting rights to revenue sharing upon fee-switch activation and protocol decision-making.

Digital Asset Treasury (DAT) companies are publicly traded firms that hold large amounts of crypto assets, such as Bitcoin, as part of their financial strategy. Strategy (formerly MicroStrategy, ticker: MSTR) is a prime example, with its preferred stock STRC offering a high indicative dividend rate of 11.25% as of February 2026. By using preferred stock dividends like STRC as backing, Apyx aims to form a new category of stablecoins following treasury and T-Bill-backed models.

• World's First DBS (Dividend-Backed Stablecoin) Design: One of the earliest protocols to use preferred stock dividends as backing. It opens a new category by converting TradFi dividend streams into on-chain yield.
• Three-Tier Token Structure: By separating the liquidity layer (apxUSD), yield layer (apyUSD), and governance layer (APYX), the design is optimized for specific use cases. apxUSD is non-rebasing, allowing for smooth integration into AMMs and lending protocols.
• Theta-Minimized Gamma Hedge Strategy: A design that suppresses the volatility risk of dividend streams through a theta-minimized gamma hedge, combining the underlying asset with put options. It has also been announced that the Foundation's balance sheet itself invests in apxUSD to provide additional over-collateralization.
• Multi-chain Expansion via Chainlink CCIP: Currently live on Ethereum and Base, with Solana support planned. Native assets are expected to be bridged safely via CCIP.
• Strong Strategic Backup: Reached a $70M valuation in the January 2026 seed round and a $300M valuation in the February strategic round. The lead investor is DeFi Development Corp (NASDAQ: DFDV).

The Apyx ecosystem consists of three types of tokens with different properties. Their roles are summarized below:

The circulating supply of apxUSD reached over $50M within a few weeks following the Strategic Round (2026-02-26). apyUSD is obtained by locking apxUSD for a certain period and is designed as a yield-bearing asset that allows users to receive external dividend streams on-chain.

APYX TGE and Listing Status (As of 2026-04-30)

The TGE (Token Generation Event) for the APYX governance token was initially "scheduled for late February 2026," but as of 2026-04-30, the official TGE date and listing exchanges have not been publicly disclosed.

Additionally, through the Pips Season 1 point farming campaign that started on 2026-02-27, 5% of the total APYX supply (= 5,000,000 APYX) is planned to be distributed to participants at the end of Season 1. It is reported that 35% of the total supply is allocated to the community category, with a gradual unlock policy expected to be announced before the TGE.

Apyx Pips is a program where non-transferable points (Pips) are granted based on activities such as holding apxUSD/apyUSD or providing liquidity. Season 1 is currently in progress. Pips are intended to be used as a basis for APYX allocation at the end of Season 1 (conversion ratio unannounced).

Step-by-Step Participation Guide with Images

First, visit apyx.fi.

On the top page, you can check the following key metrics:

• apyUSD APY: 12.72% (30-day average return)
• Expected APY: 13.00%
• apxUSD Supply: $231.86M (Total supply)

Click the "Start Earning" button or "Launch App" in the top right to proceed.

Clicking "Launch App" will redirect you to app.apyx.fi.

The main screen of the app features four major functions:

Click the "Connect Wallet" button in the top right corner.

Supported connection methods include:

• WalletConnect (Connect mobile wallets via QR code)
• Phantom, Rabby Wallet, Infinex (Installed wallets)
• Compatible with over 540+ wallets (Searchable via Search Wallet)
• Connection via Email address or Google account is also available

Once the wallet is connected, exchange existing stablecoins such as USDC for apxUSD on the "Swap" page.

• From: USDC (Ethereum) → To: apxUSD (Ethereum)
• Tradable on Base chain or Ethereum
• Cross-chain support is also available via the Bridge tab

After obtaining apxUSD, go to "Earn → Deposit."

• Lock: Deposit apxUSD to receive apyUSD (includes a 30-day unlock period)
• Unlock: Release the lock to return to apxUSD
• Claim: Receive the rewards you have earned
• Supports Ethereum and Base networks

On the "Rewards" page, you can earn Pips (points) based on your participation in the protocol.

Current Statistics (Season 1): Epoch #1 / Total Users: 2,740 / Pips Issued: 74.65B

Primary activities to earn Pips (Sorted by multiplier):

Since the conversion ratio from Pips to APYX and the specific schedule have not been officially disclosed, please use the multipliers above as a guide for participation efficiency during Season 1.

👉 Start Apyx Pips Season 1

• Phase 1 (2026-01): Seed round closed ($70M valuation).
• Phase 2 (2026-02): Ethereum Mainnet launch, apxUSD/apyUSD rollout.
• Phase 3 (2026-02-26): Strategic Round closed. DeFi Development Corp (NASDAQ: DFDV) joined as lead investor, reaching a $300M valuation.
• Phase 4 (Ongoing): Base support live. Expanding STRC holdings to strengthen apxUSD backing.
• Phase 5 (Planned): Solana support (via Chainlink CCIP).
• Phase 6 (TGE): APYX governance token TGE and Pips to APYX conversion. The date is unannounced as of 2026-04-30.

• Strategy (MSTR): The DAT company issuing STRC preferred stock. The primary source of apxUSD backing.
• Chainlink: Infrastructure for multi-chain expansion via CCIP. Responsible for native asset bridging between Ethereum / Base / Solana.
• Curve Finance: Primary DEX for apxUSD/USDC and apxUSD/apyUSD pairs. Eligible for Pips multipliers.
• Pendle: Yield token trading platform. Eligible for high Pips multipliers for both apxUSD and apyUSD.
• DeFi Development Corp (NASDAQ: DFDV): Lead investor of the February 2026 strategic round. A symbolic public company backer during the stablecoin expansion phase.

Apyx is a protocol in a new category of stablecoins. Please ensure you understand the following risks before use:

• Reliance on RWA Dividend Streams: Since the backing of apxUSD relies on preferred stock dividends from companies like Strategy, the issuer's performance or changes in dividend policy may affect yields or over-collateralization ratios.
• Uncertainty of Pips Rewards: The conversion ratio and schedule for Pips to APYX are undisclosed. High participation efficiency in Pips Season 1 does not guarantee the final amount of APYX received.
• Regional Restrictions & Regulatory Trends: Restricted access for USA, EU, UK, and Canada. As Japan's status is not explicitly stated in public information, usage conditions may change depending on regulatory shifts.
• Peg Risk: Although apxUSD is designed to be fully over-collateralized, it partly relies on the Foundation's Protocol-Owned Liquidity (POL) buffer. Continuous monitoring of its behavior during sudden market changes is required.

Q1. Where can I buy APYX tokens? A. As of 2026-04-30, the TGE and listing exchanges for APYX have not been officially disclosed. Points accumulated in Pips Season 1 are planned to be converted to APYX after the season ends, but please verify the latest announcements via official channels.

Q2. What is the difference between apxUSD and apyUSD? A. apxUSD is a synthetic dollar that does not accumulate dividend yields and can be used generally as collateral for AMMs and lending. apyUSD is a yield-bearing stablecoin obtained by locking apxUSD, designed to internally accumulate dividend streams.

Q3. Can I participate in Apyx Pips from Japan? A. The officially stated restricted regions are the major markets of the USA, EU, UK, and Canada; Japan is not explicitly excluded at this time. However, this may change based on regulatory trends, so please check the latest terms of use and regulatory status before participating.

Q4. What activity is recommended for efficient Pips accumulation? A. According to the official blog, Pendle LP (apxUSD/apyUSD) is set at a maximum of 24x, followed by apxUSD commit at 20x, and Curve LP (apxUSD/USDC) at 12x. However, please be mindful of risks such as impermanent loss and path risk associated with liquidity provision.

• Apyx is the world's first Dividend-Backed Stablecoin (DBS) protocol, backed by STRC preferred stock dividends from Strategy (MSTR).
• Uses a three-tier token structure: apxUSD (Liquidity Layer) / apyUSD (Yield Layer) / APYX (Governance) to separate use cases.
• Completed a $300M valuation strategic round on 2026-02-26, led by DeFi Development Corp.
• APYX TGE and listing exchanges are officially undisclosed as of 2026-04-30. Pips Season 1 (5% = 5M APYX allocation) is ongoing.
• Access is restricted for USA, EU, UK, and Canada. Japan is not explicitly excluded, but verification of regulatory trends is necessary.

👉 Check the latest information on the Apyx Official Website

• Official Website: https://apyx.fi/
• Official Blog: https://blog.apyx.fi/
• Documentation: https://docs.apyx.fi/
• Pips Season 1 Official Overview: https://blog.apyx.fi/season-1-overview-apyx-pips-multipliers-future-airdrop-allocation/
• DeFi Development Corp Investment Announcement: GlobeNewswire 2026-02-26