Executive Summary
PMUSD widened another 366 bps to 3238 off peg on $67.59M mcap; the next deterministic trigger sits at 3725. PSI carved its lowest STEADY reading in 61 days.
PMUSD widened another 366 bps overnight to sit 3238 bps off peg at $0.676 on $67.59M mcap. The depeg is 871 hours old; the peak was 5568 bps; the chart resembles less a stress event than a slow-motion liquidation calendar. apxUSD pulling from 855 to 574 bps is the only narrowing worth naming on the active board.
DEWS holds 10 ALERT bands carrying $3.18B in mcap, with apxUSD dropped from WARNING to ALERT on cross-source divergence pinned at 100. XAUT pays 0.76% APY against a 30-day average of 2.6%, while PAXG runs 14.24% on TVL outflow. The two largest gold tokens are pricing the same metal in opposite directions, and one of them is wrong.
PSI at 89.1 is the lowest STEADY reading in 61 days, sitting inside a market cap that shed $3.47B over the week, led by USDT's $1.52B contraction. Deterministic triggers ahead: if PMUSD reaches 3725 bps off peg, the signal graduates from chronic to acute; if PSI prints 87 or lower, tomorrow's story shifts from regime frame to active deterioration.