apyx apyUSD on morpho is paying 39% APY through a pendle PT leverage loop. borrow USDC at 1.59%, earn 14.84% fixed, backed by STRC dividends from strategy's 780k BTC. $236m in dividend-backed stablecoin supply went from zero to live in 30 days. this is structured credit not a farm. the yield comes from 11.25% annual cash dividends on real securities. but 60.6% of apxUSD sits in pendle and STRC has no hard redemption at $100. if that soft peg breaks under stress the entire stack unwinds. best spread in defi ...