Apyx On Track To Become Largest $Strc Holder

@Apyx_fi has acquired an additional $25 million worth of @Strategy's $STRC preferred stock, pushing its total treasury holdings to a record $125 million. On-chain data confirms the transaction, continuing a pattern of aggressive accumulation by the onchain credit protocol as it targets the position of largest single $STRC holder.

Apyx describes itself as the first Dividend-Backed Stablecoin (DBS) protocol, backed by variable-rate perpetual preferred stock such as $STRC issued by Strategy. The firm uses the yield generated from those holdings to back its apxUSD stablecoin. Apyx says its stablecoin offerings are backed by approximately 104% overcollateralization.

A Growing Race for STRC

Apyx is not alone in building a large $STRC position. A new class of crypto treasury companies is emerging around Strategy's high-yield stock, drawing in firms looking to capture both exposure to Bitcoin and additional income. $STRC is a security issued by Strategy, the largest publicly traded holder of Bitcoin, as a funding vehicle to support its ongoing Bitcoin accumulation strategy. The company raises capital by offering investors an annualized dividend of 11.5%, paid monthly in cash, with proceeds primarily used to purchase BTC.

On-chain, nearly $200 million in tokenized $STRC now exists on Ethereum, with close to $100 million trading on Pendle. Apyx wraps roughly $136 million of $STRC into its synthetic stablecoin-like token apxUSD, while Saturn packages approximately $85 million worth of $STRC into its USDat product.

STRC as a Foundation for Digital Credit

Benchmark analysts have described $STRC as the "backbone of an ecosystem of yield-backed stablecoin protocols," arguing the instrument is evolving from a simple funding tool into a foundational layer for a new class of digital credit products. The Saturn CEO has called it "one of the first digital credit primitives that can anchor stablecoin yield in the bitcoin economy."

The broader yield-bearing stablecoin sector rose to $22.7 billion in total market value by March 2026, with JPMorgan research suggesting the category is expanding roughly 15 times faster than traditional stablecoins like Tether's USDT or Circle's USDC. Strategy's Michael Saylor revealed at Bitcoin 2026 that $STRC reached $8.5 billion in nine months and targets a private credit market exceeding $3.5 trillion, with a 10% capture potentially unlocking $350 billion in digital yield.

Apyx's latest purchase reinforces the thesis that yield-bearing digital credit assets are gaining serious institutional traction. With its treasury now at $125 million and on-chain data backing each step, the protocol appears firmly on track to claim the top spot among all $STRC holders.

Sources:
CoinDesk – A New Class of Crypto Treasury Companies Is Forming Around Strategy's High-Yield Stock
The Block – Strategy's STRC Emerging as 'Backbone' of Yield-Backed Stablecoin Ecosystem
Bitcoin.com News – Strategy's STRC Becomes World's Largest Preferred Stock in Under One Year