Executive Summary
pmUSD widened to 2872 bps off peg overnight on $71.5M mcap, joining 11 other active depegs while DEWS holds 15 names at ALERT or worse on $4.54B of affected market cap.
pmUSD widened from 2226 to 2872 bps below peg, parking it at $0.713 on $71.52M of market cap. The 5568 bps peak still sets the ceiling, but a 35-day-old depeg that drifts wider instead of healing is not a recovery story. Twelve active depegs sit on the board with five more resolved in the last 24 hours; the churn rate is doing the work the headline names are not.
DEWS counts 14 ALERT and one WARNING across $4.54B of affected market cap, with USDf at score 41 on $1.46B and fxUSD at 37 on $46.57M, both driven by mint/burn flow. JTRSY's 6.96% APY against a 3.34% thirty-day average is the yield-spike entry that did not exist last week. Stress is broad before it is deep.
USDT shed $1.36B over seven days yet printed +$241M yesterday, the kind of reversal that flatters a headline without changing a trajectory. PSI sits at 89.4, its lowest reading in 60 days, regime still labeled STEADY. If pmUSD pushes to 3325 bps off peg next session, the depeg leaves the cohort of slow bleeds and demands its own paragraph.