Executive Summary
USX enters day twenty at 5,783 bps below peg while USDf loses 11 liquidity points on $1.42B of float. Three exit-capacity warnings landed on the same tape.
USX has now been broken for 477 hours, a fact that stops being news and starts being furniture; the peg still reads 5,783 bps off with $20.81M stranded inside it. The more interesting move is next door: USDf lost 11 points of liquidity score in a single session ($1.42B mcap, TVL down to $14.13M), and USD0 and sUSDai each shed 12 points. Three separate exit-capacity warnings landed on the same tape.
PSI holds at 92.2 BEDROCK for an eighteenth day, but the composition is drifting. DEWS still shows nine ALERT-band coins; APXUSD sits at 3,159 bps with $315M behind it, while USDA finally narrowed from 3,098 bps to 503 bps, one of the few improvements on the board. BUIDL added $641M on the week to reach $3.69B, a fresh Digest-window high that reads more like allocation than alarm.
The yield tape is where tomorrow's story writes itself: PAXG at 10.7% APY against a 3.22% 30-day average is either an incentive event or a data event, and USDTB at 15.54% carries the same question. If APXUSD widens back to 3,650 bps by next session, the peg-stress signal upgrades from chronic to accelerating; if PAXG's spike survives another print, the yield warning becomes the lead.