Executive Summary
MSUSD prints $0.318 on day 189, 8,204 bps off peg. Five liquidity scores cut on $4.2B of combined mcap. APXUSD past 3,650 bps tomorrow is what changes the register.
MSUSD prints $0.318 on day 189 of its depeg, 8,204 bps below par with $23.71M of market cap still attached. The price has crept up from 18 cents a week ago to 32 today, but the spread has not meaningfully narrowed. Its safety grade reads F at 24, peg=20, liq=33; the holders who remain are not waiting on rescue, they are waiting on a buyer.
Liquidity Bleed. Five DEX scores cut at once told the louder story. USDY shed eight points to 33 against $2.16B of mcap, GHO lost nine to 65, YLDS dropped to 51 as its TVL halved to $9.54M, TUSD and EURC each gave up nine. Combined market cap of roughly $4.2B lost exit capacity on the same session, while DEWS held 11 ALERTs and PSI climbed to 91.1.
APXUSD sits 3,159 bps off peg on $275M of mcap, the largest active depeg by impact and the one that decides tomorrow's register. If APXUSD widens past 3,650 bps at the next snapshot, the chronic-stress conversation moves from MSUSD's small-cap basement to a $275M contagion candidate. PSI's six-day BEDROCK streak survives MSUSD; APXUSD is what it does not survive.