---
title: "USX Isn't Alone Anymore"
canonical: "https://pharos.watch/digest/2026-07-13/"
datePublished: "2026-07-13T08:07:06.000Z"
description: "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 Isn't Alone Anymore

## 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.

## Extended

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.