> For the complete documentation index, see [llms.txt](https://docs.apyx.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.apyx.fi/product-overview/apyusd-overview.md). # 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. ### Flexible Redemption apyUSD redemptions support a more flexible redemption mechanism designed to improve liquidity and user optionality. When initiating a new redemption, users receive an onchain Unlock Receipt NFT representing their pending claim. Redemptions become claimable after 3 days, with an early redemption fee that declines linearly over time from 3.5% down to just 0.1%. This mechanism allows users to: * Exit faster when liquidity is needed * Queue multiple unlock requests simultaneously * Reduce fees by waiting longer before claiming Looking ahead, redemption windows are expected to compress further as underlying digital credit instruments transition toward more frequent distributions. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## 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, and the optional `goal` query parameter: ``` GET https://docs.apyx.fi/product-overview/apyusd-overview.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. 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.