Executive Summary
MSUSD's 93rd hour at 8,204 bps below peg matters less than apxUSD widening to 2,222 bps on $305M mcap. The small wreck has company an order of magnitude up.
MSUSD sits 8,204 bps below peg on $21.82M of market cap, its 93rd hour in that condition with no recovery path visible. The price action has stopped being news, but apxUSD, an order of magnitude larger at $305M mcap, widened to 2,222 bps overnight and pulled DEWS to ALERT on cross-source divergence. A small coin nobody can save and a large one starting to wobble: that asymmetry defines the tape.
Liquidity churn. RLUSD's DEX score jumped from 54 to 75 on flat TVL ($80.64M to $80.58M), a routing improvement rather than fresh depth. USD0 went the other way, 55 to 42, with $552.94M of float sitting on $10.50M of on-chain liquidity. PUSD halved its score on $158K of TVL against half a billion in market cap; that ratio is its own warning.
PSI held at 90.9 [BEDROCK], its second day in band after Monday's 88.7 dip, and USDC's $967M weekly drain remains rotation rather than alarm. Next trigger: if apxUSD crosses 2,500 bps, a $305M coin enters the same conversation as the smaller wrecks, and the tape stops being two stories.