Executive Summary
USX opens at $0.391, 5,783 bps down and 525 hours in. pmUSD, apxUSD, and USDA now sit at critical severity alongside it. Four names, one list.
USX opens today at 39.1 cents, 5,783 bps off peg on $20.8M of float, its 525th hour under the dollar. What separates this morning from the last three weeks isn't USX itself; it's that pmUSD ($64M at $0.692), apxUSD ($316M at $0.871), and USDA ($148M at $0.987) now sit alongside it as simultaneous critical-threshold depegs. Four names, one growing roster.
DEWS puts pmUSD at ALERT score 39, driven by cross-source divergence of 100 and pool balance drift of 74. That is not exit friction; that is venues no longer agreeing on a price. Band distribution shifted from 152/99/5 yesterday to 162/87/7 today, adding two names to ALERT. Grade transitions favored downgrades: AUSD fell A to B, crvUSD B to B-.
PSI held at 93.4, its 20th consecutive BEDROCK day, which the streak makes look composed and the depeg roster does not. YLDS lost DEX depth from $40.5M to $2.34M on $529M of float, a 94% collapse in exit capacity. If apxUSD reaches 3,650 bps off peg tomorrow, USX loses its top billing. If PSI cracks 91, this whole framing changes.