Underlying asset
srRoyAPYUSD
Issued by Royco. The facts below were checked on the date shown, from the sources listed.
srRoyAPYUSD is issued by Royco. What stands behind it: preferred stock of a bitcoin-treasury company. It is a senior tranche on apyUSD: losses reach it only after the junior tranche is gone. How it is redeemed is not documented in a source that meets the standard.
Facts
- Issuer
- Royco
- What stands behind it
- preferred stock of a bitcoin-treasury company
- Strategy
- dividends on preferred shares issued by companies that hold crypto on their balance sheet
- Valued in
- USD
- Position in the capital stack
- senior tranche
- Who has to keep a promise
- code on chain, a regulated issuer
- Redemption
- redemption not documented
- Who can change it
- a contract whose admin delay reads zero, so an admin change can land at once 0x7cc6fb28ec7b5e7afc3cb3986141797ffc27253c (Ethereum)
- Audits
- Certora, 2026-06
Hexens, 2026-04
Hexens, 2026-03
Hexens, 2026-01
Cantina, 2026-01 - Bug bounty
- up to $250,000 on Immunefi
- Depends on
- Apyx (apyUSD), Strategy's STRC preferred stock
A tranche of apyUSD
Other assets from the same issuer: jrRoyAPYUSD - Chains
- Ethereum
- Checked
- 2026-10-01, from the issuer's own documents
- Sources
- https://docs.royco.org/royco-overview
https://docs.royco.org/royco-dawn/how-dawn-works
https://docs.royco.org/royco-dawn/legacy-deployment
https://docs.royco.org/royco-dawn/deposits-and-withdrawals
https://docs.royco.org/royco-dawn/security-and-audits
https://docs.royco.org/royco-dawn/key-addresses
Pendle markets on it
Live Pendle markets on this asset, as of 6 Oct 2026. Rates are not shown. Market data: Pendle.
| Chain | Maturity | Principal token |
|---|---|---|
| Ethereum | 2026-11-05 | PT-ROY-ST-apyUSD-5NOV2026 |
Not found
What the research has not answered for this asset, said rather than left blank.
- How it is redeemed.
- How long redemption takes at worst.
- Incidents: this encyclopedia does not yet keep a record of incidents from primary sources.