Kraken, the cryptocurrency exchange, has listed apxUSD, a synthetic dollar token issued by Apyx, a stablecoin protocol founded by several former senior Kraken employees.
The token is backed by a diversified basket of variable-rate perpetual preferred shares issued by so-called Digital Asset Treasury companies, including Strategy's STRC instrument, which pays an indicated annualised dividend of 11.5%.
Apyx was founded by Joseph Onorati, who spent eight years at Kraken and served as chief strategy officer, alongside Parker White, a former director of engineering at the exchange who is now chief operating officer at DeFi Development Corp.
The protocol launched on Ethereum in February and closed a strategic funding round at a $300 million valuation, growing its stablecoin to more than $50 million in circulation within weeks.
Deposits and trading are live on Kraken, though the exchange warned that deposits must use supported networks and that funds sent via unsupported routes will be lost.
Trading through the app and instant buy features will become available once sufficient liquidity develops.
Apyx operates a two-token model: apxUSD functions as a non-yielding stablecoin intended for use as collateral across decentralised and centralised finance, while a companion savings token, apyUSD, captures dividend income from the underlying preferred equity.
Related reading
- Bitcoin tops $75,000 as geopolitical de-escalation and short squeeze drive broad crypto rally
- Japanese exchange loses $300 million in bitcoin
- Michael Saylor says $60,000 Bitcoin bottom came from seller exhaustion
Minting and redemption of apxUSD are restricted to authorised institutional participants, and redemptions settle in USDC rather than the underlying shares.
Kraken reiterated that it does not disclose prospective listings in advance and that future additions will be announced through its listings roadmap and social media channels.
The recap
- Kraken opens trading for apxUSD on its exchange
- apxUSD is a synthetic, dividend-backed stablecoin by Apyx
- Kraken will list future assets only with short pre-launch notice
