Executive Summary
SUSD widened 49 bps to 7553 below peg; pmUSD, MSUSD, and USX now share the same basement while YLDS sheds half its DEX depth on $571M of float.
SUSD widened to 7553 bps below peg overnight, a 49-point move that drops the price to $0.244 on $16.73M of remaining market cap. By deviation it is the headline, but the basement is crowded: pmUSD at $0.767 across $72M, MSUSD at $0.245, USX freshly cracked at 5783 bps below peg on 21 hours of age. Four stablecoins north of the 5,000 bps line is a regime artifact, not a coincidence.
YLDS lost nearly half its DEX depth on the day, score 58 to 41 against $571M of float; TVL fell from $13.72M to $7.14M. sUSDD and USDM dropped liquidity scores by double digits, with USDM's TVL collapsing from $4.40M to $312K. Exit capacity is thinning under coins that still print near peg, which is the part of the cycle nobody narrates until they have to.
PSI slid to 89.4 from 91, its lowest in eleven days of tracking, with the Bank Run Gauge softening to -6.9. The deterministic next call: USDA reaching 3575 bps off peg or PSI breaking 87 retires the STEADY frame and shifts the story to active deterioration. XAUT's $490M weekly outflow sits in the page corner, its largest single-week move in 144 days, the coin now 14% below its March ATH.