Executive Summary
USX at 5,783 bps below peg for the 429th hour, while DAI graduated back to CALM at $4.87B mcap. One depeg refuses to resolve; the rest of the tape moves without it.
USX sits 5,783 bps below peg at $0.997, unchanged for another 24 hours; the depeg is 429 hours old, roughly eighteen days of a stablecoin doing nothing stable and nothing volatile. Market cap $20.81M grades F on peg (33) and F on liquidity (14). The chronic label fits, but chronic does not mean resolved, and the impact severity has not budged from the threshold.
DEWS Rotation. DAI dropped from WATCH to CALM at $4.87B mcap, one of five band changes that skewed positive. USD0 added ten liquidity points to score 52 on $552M mcap. sDAI moved the other way: score 67 to 48, TVL falling from $35.74M to $8.96M in a session. PMUSD holds at 5,568 bps below peg on $72M, a larger loss pool that the USX headline keeps eclipsing.
PSI ticked to 91.9, extending BEDROCK to 16 days while total mcap sits 4.78% under its Digest-window ATH of $353.55B. spUSDT drew $445M over seven days without moving any peg, the kind of rotation that makes a TENSION tape read like allocation homework. If DAI slips back to ALERT by tomorrow's snapshot, the first-day band change survives the noise test.