Executive Summary
USX at 5,783 bps below peg on $20.81M, ten days in; PMUSD 60 days deep at 5,568 bps on $65.66M. Nine active depegs, PSI holds 90.1 for an eighth day, Bank Run Gauge disagrees at -40.6.
USX now sits 5,783 bps below peg on $20.81M of market cap, 237 hours into a slide that earns dForce's stablecoin an F grade of 33. The unflattering context is breadth: PMUSD runs 5,568 bps under on $65.66M and is sixty days deep, so this is not one coin having a bad week, it is two coins running parallel slides.
Nine depegs remain active. APXUSD leads the impact ranking at 3,159 bps on $297M mcap; USDA drifts at 3,098 bps six months into its own quiet decay. Four names recovered in the last 24 hours, three KAG prints and one EURI, which proves the resolution machinery works when the underlying cooperates and says nothing about the four that will not.
PSI holds 90.1 for an eighth BEDROCK day, its lowest since June 28. The Bank Run Gauge disagrees loudly at -40.6 STRESS, and USDS's 10.07% APY prints 322 bps above its 30-day average on a $7.91B float, the kind of divergence that usually resolves toward the mean rather than away from it. If APXUSD widens past 3,650 bps next session, the depeg ledger stops being background noise and starts pulling the regime with it.