Executive Summary
PMUSD tightened 857 bps to 5568 below peg. USDD's DEX score collapsed to 29 on $429K of TVL backing $1.47B mcap; the recovery and the erosion are not the same story.
PMUSD closed 857 bps tighter at 5568 bps below peg, the kind of recovery that still leaves a coin trading near 44 cents. DEWS keeps it ALERT 48 with cross-source divergence pinned at 100, meaning the price feeds cannot agree on what 44 cents even means. $89.68M of market cap remains stranded inside that disagreement.
Below the depeg, mid-cap liquidity thinned in coordinated fashion. USDD's DEX score collapsed 20 points to 29 on $1.47B of float backed by $429K of TVL, a ratio that would embarrass a county fair. USAT shed 27 points to 31, TUSD halved its TVL to $933K, YLDS slid to 35. Five coins, exit doors that narrowed in a single session.
USDC added $1.69B over the week to $79.04B, 1% shy of its April ATH, the polite counterweight to smaller names quietly losing depth. PSI sits at 96.6, its lowest reading since April 27. Watch the next PMUSD print: a slide back to 6425 bps reopens the active deterioration thesis, while a hold above 94 on PSI keeps this filed under rotation rather than run.