The stablecoin apxUSD once dropped anchor to 0.93 US dollars, and the protocol party claimed it was a normal mechanism According to BlockBeats, on June 4th, the stablecoin apxUSD, issued by the Apyx protocol with Strategy preferred stock STRC as the main collateral asset, briefly lost its anchor during the period when Bitcoin fell below $63000, with the lowest dropping to $0.93. Apyx stated that this volatility is not a loophole, but rather an expected performance of preferred stock collateralized stablecoins. Due to the fact that the reserve assets of apxUSD are mainly composed of STRC preferred stocks with a face value of $100, when STRC falls below its face value in the secondary market, the market value of reserve assets will decrease, leading to fluctuations in stablecoin prices. The agreement states that its stability mechanism includes over collateralization, dividend adjustment mechanism, and buffer of cash and short-term US Treasury reserves. Data shows that since August last year, STRC has fallen below face value four times, but ultimately rebounded to $100. In response to market concerns about the serial liquidation of the Morpho lending market, Apyx stated that its core apyUSD/apxUSD market mainly relies on accumulated dividend income rather than STRC spot prices, so related fluctuations will not trigger large-scale liquidation. [Original link]