Apollo Crypto announced it will manage a USDC-denominated tokenized yield strategy product called mEVUSD, co-developed by non-custodial staking infrastructure provider Everstake and on-chain investment platform Midas. This strategy aims to convert idle stablecoins into yield-generating digital assets and generate returns through funding spreads and interest rate arbitrage, rather than relying on rising crypto asset prices. According to the announcement, Apollo Crypto will act as the risk manager and strategy curator, actively managing the tokenized portfolio. The strategy will mitigate directional market risk through diversified lending and market-neutral basis trading across mainstream DeFi protocols such as Aave, Morpho, and Pendle. (The Block)