apyUSDAPYUSD#207

apyUSD is a yield-bearing vault token built on the Apyx protocol on Ethereum. When you deposit apxUSD—a USD-denominated stablecoin backed by preferred equity shares from Digital Asset Treasury companies—into the vault, you receive apyUSD in return. The vault collects cash dividends from those DAT preferred shares and automatically increases your apyUSD-to-apxUSD exchange rate over time, so you earn yield passively without staking or manual claiming. The mechanics work like Maker's sDAI or Ethena's sUSDe: your token value grows directly through exchange rate appreciation rather than token minting. Both apxUSD and apyUSD are standard ERC-20 tokens on Ethereum, and apyUSD follows the ERC-4626 vault standard, making it composable across DeFi. The protocol integrates with Pendle for yield tokenization and trading, letting you manage your yield exposure flexibly.