The stablecoin apxUSD has lost its peg, falling 4.6% to $0.94, following a decline in the value of its collateral. The drop was reported on June 4th, with apxUSD's backing by preferred shares such as STRC being affected by market conditions.
The de-pegging occurred as Bitcoin's price fell to approximately $63,000, impacting the value of the collateral supporting apxUSD. This development highlights the volatility and risks associated with stablecoins reliant on specific asset-backed collateral.
Stablecoin apxUSD De-pegs, Drops 4.6% to $0.94
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