Executive Summary
MSUSD holds 8,204 bps below peg with $21M underwater; pmUSD and USX join the sub-half-price cohort. USDD's DEX TVL collapsed 95% on a $1.37B cap. Next trigger: APXUSD past 3,650 bps.
MSUSD trades at $0.286, a clean 8,204 bps below peg on $21.20M of market cap entering its seventh day underwater. The casualty list now reads as a cohort: pmUSD at $0.694, USX measured 5,783 bps off its own target, three sub-$70M coins simultaneously functioning below half-price. This is no longer one broken coin; it's a category.
The louder signal sits elsewhere. USDD's DEX liquidity score collapsed from 48 to 20 as TVL fell from $2.65M to $141K, against a $1.37B market cap that depends on those pools to exit. sUSDD followed its parent down twelve points. PSI slipped from 91 to 89.7, its lowest STEADY print in five days, while severity remains a benign 0.49.
USDT shed $1.24B over seven days, the largest weekly mover and still 3% off its April ATH. RUSD's 8,997 bps incident resolved inside 32 hours, a reminder recoveries happen when issuers actually defend the print. If APXUSD widens past 3,650 bps next session, the active depeg set graduates from chronic to acute, and PSI's STEADY label gets harder to defend.