Executive Summary
PMUSD tightened 250 bps to 2998 off peg after 967 hours below par; RLUSD lost ten liquidity points while TVL ticked higher, and PSI at 89.4 still missed yesterday's break below 88.
PMUSD tightened 250 bps to 2998 off peg, trading at $0.700 on $66.85M of market cap. Yesterday's call was a widening to 3450; the print went the other way. Peak deviation still reads 5568 bps, and the coin has now spent 967 hours below par, a depeg measured in months rather than hours.
Liquidity desks did the visible work. syrupUSDC climbed sixteen points to 66 on $52.9M TVL against $1.32B market cap; sUSDe added eight to 56 with $138.87M of depth. RLUSD dropped ten to 59 despite TVL ticking higher, the rare case of a coin gaining float and losing exit quality in the same session.
PSI prints 89.4, down from 90.9, missing yesterday's call for a break below 88. DEWS holds ten ALERT names across $3.21B mcap, with XAUT and FRAX tied at score 41 apiece. USDC shed $971M over the week, the biggest weekly mover but well shy of its $6.55B single-week record. If PMUSD revisits 3450 bps or PSI drops to 87, tomorrow's frame breaks open.