apxUSD is getting stress-tested hard onchain right now.

The play: wrap STRC yield into a DeFi-native synthetic stablecoin. Clean idea in theory.

The problem: whole thing was built assuming STRC holds its $100 peg. It didn't.

Now we're sitting on $387M apxUSD supply with only $286M reserves backing it. That's a $101M hole.

Redemption value is still 200bps above market price, so expect heavy redemptions until that gap closes.

This is what happens when you build leverage on top of assumptions instead of guarantees. Watch how this unwinds.