On June 4, the stablecoin apxUSD, issued by the Apyx protocol and primarily backed by Strategy preferred stock STRC, briefly detached from its peg during a period when Bitcoin fell below $63,000, reaching a low of $0.93. Apyx stated that this fluctuation is not a bug, but rather an expected performance of the preferred stock-backed stablecoin. Since the reserve assets of apxUSD are mainly composed of STRC preferred stock with a par value of $100, when STRC falls below par in the secondary market, the market value of the reserve assets declines, leading to price fluctuations in the stablecoin. The protocol claims that its stability mechanism includes over-collateralization, a dividend adjustment mechanism, and cash and short-term U.S. Treasury reserves as buffers. Data shows that since last August, STRC has fallen below par four times, but has ultimately recovered to $100 each time. In response to market concerns about a chain liquidation in the Morpho lending market, Apyx indicated that its core apyUSD/apxUSD market primarily relies on accumulated dividend income rather than the spot price of STRC, so related fluctuations will not trigger large-scale liquidations.