Executive Summary
USX at 5,783 bps for 405 hours, pmUSD at 5,568, apxUSD widening to 3,159. USDT burned $1.15B alongside; four active depegs now clear 3,000 bps.
USX sits 5,783 bps below peg on $20.81M of market cap, now 405 hours broken. Beside it, pmUSD holds at 5,568 bps on $71.27M, apxUSD widened to 3,159 bps on $373M, and USDA carries a stale 3,098 bps print on $148M. Four active depegs clear the 3,000 bps line, and the recovery calendar remains empty.
Supply pivots. USDT burned $1.15B in a single day against a 7d contraction of $1.61B, accelerating velocity in the largest issuer. The Bank Run Gauge dropped from 29 to 16.7, still HEALTHY but shedding altitude fast. sUSDS, RLUSD, and syrupUSDT all posted double-digit DEX liquidity gains, while USDD's TVL collapsed 94% to $48.70K on an artifact-flagged read that still describes a real thinning.
Grade transitions took USTB from B- to C+ on $866M of float and USYC from C+ to C- on $3.11B, a two-notch composite move buried under the peg headlines. If USDT posts another $1B single-day burn, the story graduates from drift to rotation. Watch whether the fifteen-day BEDROCK streak survives a PSI print at or below 89.