---
title: "USX Grinds Into Day Fourteen"
canonical: "https://pharos.watch/digest/2026-07-05/"
datePublished: "2026-07-05T08:07:56.000Z"
description: "USX at 5,783 bps below peg on $20.81M mcap, day fourteen and improving in liquidity depth while still broken. YLDS lost $40M TVL overnight. If APXUSD widens bac"
---

# USX Grinds Into Day Fourteen

## Executive Summary

USX at 5,783 bps below peg on $20.81M mcap, day fourteen and improving in liquidity depth while still broken. YLDS lost $40M TVL overnight. If APXUSD widens back to 3,650 bps next session, treat it as fresh stress.

## Extended

USX sits 5,783 bps below peg on $20.81M of market cap, a 333-hour stretch that refuses to either resolve or finish dying. The dForce token now shares the F-grade table with pmUSD (5,568 bps, $69.56M) and apxUSD (3,159 bps, $316.53M), a trio carrying $407M of holder exposure to prices weeks away from par. Eleven active depegs on the tape, zero resolutions in 24 hours.

**Liquidity Rotation** YLDS shed $40.63M in TVL overnight, its DEWS score sliding 65 to 55 and its grade cut from B+ to B-. USDf gained 12 points on flat $14M TVL, and USX itself improved 11 points to a 49, which is the second time this week a broken peg has picked up depth on the way down. Five DEWS band changes hit in 24 hours, four worsening.

**Regime** PSI holds at 92.9 for a twelfth consecutive BEDROCK day, with EURS at 522 bps the largest single severity contributor, which tells you how thin the top of the stress table is. PAXG prints 10.8% APY against a 1.78% seven-day average, the kind of divergence that usually resolves through a data correction rather than real yield. If APXUSD widens back to 3,650 bps at the next snapshot, treat it as fresh stress, not the current holding pattern.