According to CoinMeta, Wu said that the DeFi revenue platform Upshift indicated that due to its core USDC vault indirectly holding Apyx Finance in synthetic US dollars APXUSD, and one of the main supporting assets of APXUSD, namely the Strategy preferred stocks STRC, trading continuously below their $100 par value recently, this led to the APXUSD becoming unhinged (i.e., losing its peg to a stable asset). As a result, the valuation of related positions has been downgraded. Consequently, Core USDC vault retracted by about 8%, while Upshift gamma USDC vault retracted by about 12.8%; other treasury positions were not affected.