apxUSD Stablecoin Depegs to $0.93 Amid Bitcoin Selloff

Key Facts

Amid heightened volatility in the crypto market, the risks associated with decentralized protocols using volatile assets as collateral have come to the fore. According to reports, Apyx's apxUSD stablecoin lost its $1.00 peg, dropping to as low as $0.93 during a broader Bitcoin selloff. The depeg occurred as Bitcoin traded near the $63,000 level, directly impacting the stablecoin which relies on MicroStrategy stock as its primary backing.

This decline highlights the fragility of niche stablecoins compared to major peers like USDT and USDC, which maintain steady $1.00 valuations per market data. The performance of MicroStrategy (MSTR) remains a critical factor, as its balance sheet is heavily tied to Bitcoin's price action, creating a feedback loop for equity-backed DeFi assets. Market analysts note that liquidations on exchanges such as Bitget likely accelerated the downward pressure on apxUSD during the volatility.

Traders are now watching for a potential recovery of the peg as global markets prepare for key economic catalysts. According to the economic calendar, the US ISM Manufacturing PMI is due on June 1, 2026, which could shift broader risk sentiment. Investors should also monitor MicroStrategy shares (0A7O.L) as the underlying collateral performance will dictate whether apxUSD can stabilize at its intended dollar value.