---
title: "USX Holds At 5,783 BPS"
canonical: "https://pharos.watch/digest/2026-07-02/"
datePublished: "2026-07-02T08:07:14.000Z"
description: "USX still 5,783 bps below peg on $20.81M mcap after 261 hours; the $0.997 quote is a courtesy, not a market, with F-grade liquidity underneath."
---

# USX Holds At 5,783 BPS

## Executive Summary

USX still 5,783 bps below peg on $20.81M mcap after 261 hours; the $0.997 quote is a courtesy, not a market, with F-grade liquidity underneath.

## Extended

USX has sat 5,783 bps below peg for 261 hours on $20.81M of market cap, and the quoted price still reads $0.997 because the safety score puts liquidity at 14. That gap between the mark and the F-grade exit capacity is the entire story: a market can print any number it likes when nobody is actually trading it out. dForce's second USX entry, a C- variant at 53, sits beside it as the same asset wearing two grades.

Elsewhere the tape actually moved. YLDS liquidity score jumped from 53 to 67 as TVL climbed from $7.14M to $73.23M, a tenfold expansion on $558M of float. syrupUSDC added 9 points and $9M of depth; USDf added 8 on essentially flat TVL. USDTB went the other way, shedding 9 points despite steady $21.7M in pools, which usually means concentration shifted rather than capital left. PSI printed 92.2, a ninth consecutive BEDROCK day.

USDT shed $1.69B over the week to sit at $184.40B, 3% below its April ATH, while Ethereum still netted $96M of mint flow. If APXUSD widens past 3,650 bps at tomorrow's snapshot, the peg-stress read shifts from chronic to progressive. If PSI slips to 90 or lower, the nine-day BEDROCK streak ends and the frame stops being scenery.