Executive Summary
apxUSD: 147 bps off peg, DEWS jumped to ALERT, 26.51% APY against a 19.57% baseline, TVL leaving. Three stress vectors on $491M of float. 175 bps is the next line.
apxUSD slipped 147 bps off peg on $491.57M of float, then jumped DEWS bands from WATCH to ALERT with a mint/burn flow score of 96 and cross-source divergence at 84. The same coin posts 26.51% APY against a 30-day average of 19.57%, with TVL outflowing. Three correlated stress vectors on one mid-cap, and a separate 106 bps spike only resolved an hour before today's print.
Broader tape. DEWS carries 11 coins in ALERT against 7 yesterday, a $3.33B aggregate mcap of elevated stress including XAUT, HBD, and pmUSD. PSI sits at 93.3, its lowest in 23 days, BEDROCK streak still at 71 days but trend turned negative at -0.71. The Bank Run Gauge swung from -49.7 to 1.2, neutralizing a flight signal that never matured into anything readable.
Supply. USDT shed $1.48B over seven days to $187.82B, 1% below its April ATH; the largest issuer is leaking, not panicking. If apxUSD widens to 175 bps off peg next session, the chronic-warning frame breaks and this becomes active deterioration. PSI cracking 91 would do the same for the regime itself, and the trend line is already pointing there.