mStable Stacked Yield Adds Apyx to Its Yield Mix

mStable Stacked Yield is moving from one core yield source into a broader yield mix. 

The vault currently uses Ethena’s Liquid Leverage as its core yield source. It is now adding apxUSD PT exposure through Pendle as another supported source alongside it. 

The idea stays simple: you hold one token, while the vault manages the strategy under the hood. What changes is the range of yield sources the vault can use.

Stablecoin yields do not stay in one place forever. Rates change. Liquidity moves. Some markets get crowded. New sources become worth reviewing. 

Stacked Yield can still use familiar building blocks like Ethena, Pendle, and Aave. It can also add other sources when they meet the vault’s risk and liquidity bar. 

The latest addition to that mix is Apyx, accessed through a Pendle PT position.

This post explains what Apyx is, where the yield comes from, why it fits Stacked Yield, and what to keep in mind.

What is Apyx?

Apyx is the first Dividend-Backed Stablecoin (DBS) protocol.

Its main dollar asset is apxUSD, a synthetic dollar. Apyx also has apyUSD, the yield-bearing version of apxUSD.

The basic idea is that Apyx brings yield from preferred-share assets, such as Strategy’s STRC and Strive’s SATA, onchain. Instead of the yield coming from perp funding, lending rates, or staking rewards, it comes from dividends paid by preferred shares in the protocol’s backing mix.

That makes Apyx different from more common stablecoin systems and DeFi yield products.

apxUSD is not the same as USDC or USDT. It has a different backing model, a different yield source, and a different risk profile.

Where does the yield come from?

The yield behind Apyx comes from dividends paid by preferred-share assets.

One of the key assets in that backing mix is STRC, Strategy’s perpetual preferred stock. STRC pays cash dividends, and its dividend rate can change over time to help it trade at its $100 par value.

Those dividend streams help support the yield available through Apyx’s system.

For Stacked Yield, this adds a new type of stablecoin yield source. It is different from the vault’s existing Ethena, Pendle, and Aave routes, which is exactly why it can be useful as part of a broader mix.

The aim is not to rely on one market forever.

The aim is to stack yield from supported sources when the setup makes sense.

Why use Pendle?

mStable is accessing Apyx through a Pendle PT position.

A Pendle PT represents the principal side of a yield-bearing asset. It can be redeemed at maturity for the accounting asset. The discount between the PT price and its maturity value is what creates the fixed-yield profile.

This fits how Stacked Yield already works.

The vault can use fixed-term positions with clear maturity dates, then manage them as part of the broader strategy.

You do not need to track the PT market, handle maturity, or choose each underlying position yourself. The vault handles that process.

What changes when you hold Stacked Yield?

Not much on the surface.

You still hold one token. The vault still manages the positions. Yield is still reflected through the value of the token over time.

The change is under the hood.

Stacked Yield now has another supported source it can use as part of the broader yield mix. Apyx is being added as one piece of the strategy, not as a full shift away from the existing base.

This is how Stacked Yield is meant to work.

As markets change, the vault can review new yield sources, add them when they fit, and manage the mix over time.

What should you keep in mind?

Apyx adds a new source of yield, but it also adds new risks.

apxUSD has a different backing model from common fiat-backed stablecoins. The backing includes preferred-share exposure, offchain custody, and assets whose dividends and market prices can change.

STRC also carries its own risks. Dividends can change, market prices can move, and liquidity can vary.

Pendle PTs also have maturity and liquidity risk.

That is why this exposure is being added through a managed vault and as part of a wider mix, rather than becoming the whole product.

The takeaway

mStable Stacked Yield is doing what it was built to do.

It stacks yield across supported markets, while keeping the experience simple.

The latest addition is Apyx through a Pendle PT position. That gives the vault another source of stablecoin yield, with a different return driver from the existing strategy.

One vault. One token. More yield sources under the hood.