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Stablecoin, yield, wrapper, peg, and redemption do not all mean the same thing. APYX-style products make that especially obvious.
Glossary published April 24, 2026.
That separation is why APYX belongs with stablecoins and why the yield layer is a product feature, not its own top-level product type.
Read this glossary alongside the review rules and the product reviews. The goal is not to memorize jargon. The goal is to understand what question each product is really asking you to answer.
The fastest way to read APYX is: protocol, base dollar, yield wrapper. The explainer shows why that matters and when a BTC-backed loan is actually the better tool.
The umbrella system and operating structure.
The core dollar token Pledge evaluates first.
The separate yield-bearing option layered on top.
The core stablecoin token the product is trying to keep near one dollar. This is the asset Pledge evaluates first before we talk about any wrapper or staking layer.
A lot of crypto marketing blurs the base dollar and the yield version together. That hides where the real risk sits.
A second token layered on top of the base stablecoin that captures yield, protocol revenue, dividends, or funding-rate income.
Yield is a feature, not the whole product. APYX is a good example: apxUSD is the base dollar, while apyUSD is the yield-bearing wrapper.
A product whose dollar claim is anchored by collateral, reserves, or a collateral basket that is intended to support issuance and exits.
Reserve-backed is still broad. A BTC CDP, a BTC reserve-backed credit line, and a multi-asset collateral basket can all land here while carrying very different risks.
A stablecoin design whose backing depends on dividend-bearing instruments, treasury-style credit exposure, preferred shares, or similar offchain income-producing assets.
These products should not be read like plain Bitcoin CDPs. The offchain basket, policy rules, and income source matter as much as the stablecoin branding.
A dollar-like asset created through collateral, hedging, or derivatives rather than through simple cash reserves sitting in a bank.
Synthetic does not automatically mean unsafe, but it does mean the peg depends on system design and execution, not just redemption against cash.
The mechanism that is supposed to keep a token near one dollar, whether through hard redemption, overcollateralization, arbitrage, hedging, or policy ranges.
Two products can both call themselves stable while relying on totally different systems under stress.
The real-world way a user exits back into collateral, dollars, or secondary-market liquidity.
A token can look stable on paper while still having a weak or permissioned exit path when markets get one-sided.
How much real buying and selling capacity exists across the product’s pools, venues, and redemption routes without heavy slippage.
Headline market cap is not enough. Users need to know whether they can actually unwind size when it matters.
Any part of the product that depends on custodians, exchanges, preferred-share issuers, legal wrappers, or operational teams outside the chain itself.
Bitcoin-linked does not always mean Bitcoin-native. Offchain dependencies are often the main source of fragility in dividend-backed or treasury-linked designs.
This is where manual review actually makes sense. If you are weighing a BTC-backed loan against a Digital Money strategy, Pledge can help map the trade-offs without turning it into a hard sell. Yield-bearing wrappers stay inside Digital Money reviews as a feature, not as a separate top-level product type.