Executive Summary
PAXG pays 12.92% APY, XAUT pays 0.87%, both backed by the same metal. USDG joins the anomaly list at 12.52% versus its 6.05% 30-day. PSI at 90.1, the lowest in 58 days.
USDG advertises 12.52% APY against its 6.05% 30-day average, flagged for both yield-spike and divergence at $2.55B market cap. PAXG pays 12.92% on $2.05B of float with TVL outflow. XAUT, its gold-backed twin, pays 0.87% on $2.72B, a fifteenfold gap between two assets claiming the same underlying metal.
XAUT's DEWS ALERT score 36 is driven 95 points by yield anomaly, so the chasm reads as data, not gimmick. PSI printed 90.1, the lowest reading in 58 days; the 72-day BEDROCK streak holds, but the cushion is thinner. Nine coins now sit at ALERT carrying $3.34B combined, and apxUSD widened from 147 to 640 bps in a single session.
USDG's spike either persists into a third session or collapses, and PAXG's TVL outflow will tell which way the reward-heavy disclosures are pointing. If PSI prints 88 or lower tomorrow, the regime frame stops being decorative. apxUSD at 750 bps would lift it from active depeg to structural problem, and that line is closer than yesterday's tape suggested.