Executive Summary
USX sits 5,783 bps off peg for a fifth straight digest; USDf shed 16 liquidity points on $1.42B mcap with TVL flat. Two depegs became fixtures while exit capacity quietly migrated elsewhere.
USX remains 5,783 bps off peg at $0.997, a 309-hour standoff on $20.81M of market cap. The number has not shifted in any meaningful direction across four digests; dForce's problem is now measured in weeks, not sessions. PMUSD sits at 5,568 bps on $67.70M mcap, 1,519 hours old. Two coins have quietly graduated from active depegs into permanent fixtures of the tape.
Liquidity Thins. DEX liquidity dropped in three places at once. USDf's score fell 16 points to 41 on $1.42B mcap without TVL moving; syrupUSDC lost 10 despite adding $1.3M of TVL; PUSD dropped 13 to 40. When scores fall while TVL holds, depth is migrating off the aggressive pools into passive ranges no arbitrageur will touch at 3am. APXUSD widened to 3,159 bps; KAG cleared a 569 bps peak in 28 hours.
APXUSD reaching 3,650 bps or PSI slipping to 91 flips this from tension frame to active deterioration. USDf's 41 score is the tell for next session; another 10-point drop drags a $1.42B float into the same category as the fossilized depegs above. PSI at 93.4 gives cover, but the 11-day BEDROCK streak is doing more work than the underlying tape suggests.