Executive Summary
PMUSD's break moved from 5284 to 5568 bps off peg on $80M mcap, 103 hours in. USDM shed 60% of DEX TVL in a day. PSI still prints 97. Next trigger: 6425 bps.
PMUSD widened to 5568 bps below peg, up from 5284 yesterday, and the 103-hour-old break now sits on $80.33M of market cap. DEWS keeps it pinned in ALERT with cross-source divergence at 100 and pool drift at 86. Safety reads F (16). This is not a wobble; it is a slow, public unwind nobody has chosen to halt.
The liquidity tape sorts the rest. USDM shed 60% of its DEX TVL in a day, $48.91M down to $19.67M against a $578M float, and its score dropped 16 points. USDD's score climbed from 26 to 49 on TVL that grew from $342K to $423.80K, which on a $1.47B market cap flatters the metric more than the asset.
PSI holds at 97, the Bank Run Gauge prints 73.6 SURGE, BEDROCK streak intact at 29 days, all sitting oddly next to 11 active depegs. If PMUSD reaches 6425 bps off peg, the next digest treats it as escalating peg stress rather than chronic decay. If PSI falls to 95, the regime frame retires and tomorrow's lead changes entirely.