Executive Summary
pmUSD widened to 3,497 bps off peg while U lost 99% of its DEX TVL on a $1B float. Two different ways to lose exit capacity in one snapshot.
pmUSD widened from 3,238 to 3,497 bps below peg, pulling $65M of holder exposure deeper into a 37-day decline. Peak deviation was 5,568 bps, so the floor has not been tested. Yesterday's escalation trigger sat at 4,025 bps; today's drift closes more than half that gap in a single session, with no buyer of last resort visible on the tape.
Exit Capacity. A second layer of damage sits in DEX liquidity. U shed 99% of its TVL overnight, from $24.69M to $310K against a $1B market cap. DUSD lost 22 score points and $8.6M of TVL on $100M of float; FDUSD slid nine. Three names lost exit ramps in a single snapshot, while PSI printed a more reassuring 91.2 BEDROCK.
apxUSD downgraded from WARNING to ALERT while still 387 bps off peg on $389M and paying 28% APY, a half-cured patient handing out cigarettes in the lobby. If pmUSD touches 4,025 bps next session, the chronic frame breaks toward active escalation. If PSI cracks 89, the regime label goes with it, and the two stories stop being separable.