# apyUSD apyUSD is the savings token for apxUSD, built using the ERC-4626 vault standard. Users deposit apxUSD into a permissionless vault and receive apyUSD in return. Token balances do not rebase. Instead, yield accrues through a gradually increasing exchange rate, meaning each apyUSD can be redeemed for more apxUSD over time. Yield is generated from the protocol’s underlying collateral stack. ### Key Information * Underlying: apxUSD * Standard: ERC-4626 vault (non-rebasing, accrual-based) * Access: Permissionless; no KYB/KYC requirement * Yield source: Dividends * Distribution: Governed via on-chain parameters; rate may vary with market conditions * Redemption: 1 apyUSD → apxUSD × exchangeRate (t ≥ 1) {% hint style="info" %} Participation is restricted for users in certain jurisdictions. Users located in such jurisdictions will be prevented from accessing the Apyx frontend. {% endhint %} ### Redemption Redemptions follow an asynchronous unlocking model (ERC-7540) and are not executed immediately. The process consists of three steps: **request**, **cooldown (approximately 20 days)**, and **claim**. Once a redemption request is submitted, a cooldown period begins during which the assets remain locked. After the cooldown period has elapsed, the user must submit a claim transaction to receive the redeemed assets. Each user may have only one pending redemption request at a time. Adding assets to an existing request resets the cooldown period from the time of the update. During the cooldown period, users will not receive yield on their apyUSD, with the apxUSD/apyUSD exchange rate being fixed. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.apyx.fi/product-overview/apyusd-overview.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.