apxUSD is a synthetic dollar issued by Apyx, an over-collateralized stablecoin backed by a diversified basket of variable-rate preferred shares issued by Digital Asset Treasury (DAT) companies. Apyx describes apxUSD as the first dividend-backed stablecoin, designed to maintain a 1:1 peg through a combination of preferred-share price-stabilization dynamics, an over-collateralized issuance framework, cross-market arbitrage, and derivative-based tail hedging. apxUSD is intended for use as both collateral and a quote asset across DeFi and CeFi. Apyx operates a two-token model: apxUSD is the non-yield-bearing stable asset, while a separate savings token (apyUSD) captures dividend income generated by the underlying preferred shares. Minting and redemption are restricted to authorized institutional participants, with redemptions settled in USDC rather than the underlying preferred equity.