ApxUSD Stablecoin

QuantstampCode version: not recorded (see the report)

Quantstamp reviewed ApxUSD (ApxUSD Stablecoin) on 13 Feb 2026: 14 findings, 0 critical; 12 marked fixed, 2 open.

No open critical findings
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Report hosted on certificate.quantstamp.com.

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Findings14

Statuses are the security firm’s own, from its report.

SeverityOpenAcknowledgedFixed
Critical000
High001
Medium002
Low209
Low`_decimalsOffset()` in `ApyUSD` Enables `ERC-4626` First Deposit Inflation Attack GriefingOpen

`ApyUSD` overrides `_decimalsOffset()` to return `0`. OpenZeppelin documents that this default makes the classic first-depositor inflation attack unprofitable: the `+1` virtual term in the share conversion captures ~50% of any donation, so the attacker’s expected gains are offset. A malicious actor can still grief users by depositing `1` wei, donating more than twice the victim’s deposit to the vault, and causing the victim’s `deposit()` to mint `0` shares (full loss for the victim at a net loss for the attacker). The issue affects the initial deposit phase when the vault is empty or nearly empty.

LowRate Limit Is Enforced at Request Time, Not Mint ExecutionOpen

`MinterV0` records rate-limit usage in `requestMint()` but `executeMint()` does not re-check or update the rate limit. A minter can queue requests over time and then execute them in a short window, bypassing the intended issuance cap for the rate-limit period.

Contracts in scope

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Part of ApxUSD’s security record

ApxUSD
Audits2 audits by 1 firmLast audit Apr 2026, by Quantstamp.
Critical findingsNo open critical findingsAcross 2 reports.
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Security firm

Quantstamp

236 projects reviewed · 332 reports · latest Oct 2026

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