Executive Summary
SUSD trimmed 710 bps off its 65% discount to par; calling that a recovery requires generous accounting on $18M of float, while USDS, USDY, PYUSD and XAUT all lost DEX depth in one session.
SUSD narrowed from 7,233 bps to 6,523 bps below peg, trading at $0.348 on $18.51M of market cap. After 221 days underwater, calling this a recovery requires generous accounting; the coin still needs to nearly triple to reach par. The peak was 7,233 bps, so today's print is the best level since the bleed began, which is a low bar dressed in formal wear.
Liquidity thins. Four meaningful caps lost DEX depth in a single session. USDS dropped from 73 to 64 on $8.45B of float, USDY from 43 to 32, PYUSD from 76 to 68, XAUT from 74 to 66. USD0 added 10 points on a $552M base, which is the lone improvement on the board. Exit capacity went the wrong way where it counts.
PSI sits at 91.9 BEDROCK, two days into the streak, with severity at 0.16 and EURS the only material contributor. DEWS shows 9 ALERT bands versus 7 yesterday, with KAG, XAUm, and USDX driven by cross-source divergence. If PSI falls to 89 or lower at tomorrow's snapshot, the regime frame stops being decorative and starts describing active deterioration.