Executive Summary
SUSD added another 326 bps to sit 7071 bps below peg on $16M cap, while USDC and DAI liquidity scores both slipped despite headline TVL gains. If pmUSD crosses 3050 bps next session, the BEDROCK frame breaks.
SUSD widened another 326 basis points overnight to 7071 bps below peg, trading $0.293 on $16.22M of market cap. That marks its 5,409th hour underwater, a tenure long enough that calling it a depeg flatters the situation; it is a price discovery exercise that concluded months ago. Peak was 7233 bps, so the floor is close.
The larger structural story sits in the majors. USDC's DEX liquidity score dropped from 72 to 63 even as TVL nominally doubled to $5.08B, a divergence that usually points to concentration in fewer pools rather than genuine depth. DAI fell harder, score 57 to 40 on $4.38B cap. USD1 spiked to 3.68% APY against a 1.6% 30-day average, with $70.94M added in 24 hours and accelerating.
PSI holds 92.4 for the sixth straight BEDROCK session, yet pmUSD sits 2645 bps off peg on $69M cap, the largest impact among 11 active depegs. If pmUSD crosses 3050 bps next session, the regime frame yields to active deterioration; if PSI itself slips below 90, tomorrow's digest changes shape entirely.