Executive Summary
MSUSD trades at 18 cents on $20M of float, 8,204 bps below peg and widening for a third session. USDM's DEX depth evaporated 90% overnight against $223M of market cap.
MSUSD trades at 8,204 bps below peg on $20.28M of float, which works out to roughly 18 cents on the dollar after 69 hours underwater. The deviation widened again overnight, the third straight session this column has logged the same coin. Its two safety scores split cleanly: the wrapper rates C+ on liquidity, the underlying rates F on peg. Both numbers are correct.
USDM Loses Its Depth. USDM's DEX liquidity collapsed from $3.51M to $332K of TVL, a 90% evaporation backing a $222.97M market cap; the score fell from 42 to 32. RUSD is the more flattering data point, recovering from a 7,001 bps peak inside 18 hours on $249.68M of float, though it shed two letter grades (C to F) on the way back.
PSI climbed to 91.5, its first BEDROCK print after two STEADY sessions, and the Bank Run Gauge improved from -27 to -12.5. USDC bled another $335M in 24 hours, $811M on the week, the largest issuer treating bedrock conditions as an exit. If USDA widens to 3,575 bps before tomorrow's snapshot, the 4,211-hour chronic case graduates to active deterioration.