Executive Summary
USX enters hour 597 at $0.42 while USD1 quotes 25.57% APY against a 5.76% monthly average. PSI holds 95.3 through eleven active depegs the aggregate refuses to notice.
USX enters its 597th hour at $0.42, still down 5783 basis points on a $20.81M float nobody seems willing to buy or write off. Behind it sits apxUSD at 3159 bps off peg on $304M mcap, having narrowed from 3650 yesterday. USDA collapsed a chronic gap from 3098 bps to 503 in the same window, which is either recovery or arithmetic.
The rest of the tape leans strange. USD1 quotes 25.57% APY against a 30-day average of 5.76% with no visible source; BUIDL slid from CALM to WATCH after shedding $274M in a day. USDS bled $925M over the week to sit 26% below its April ATH. Bank Run Gauge climbed to a neutral 5.3, which reads as shrug rather than confidence.
PSI at 95.3 marks a 23-day BEDROCK streak, the highest print of the past week. That is what tension looks like when the aggregate refuses to notice: eleven active depegs, one yield print quadruple its own monthly average, and an index calm enough to file. If apxUSD widens back to 3650 bps at tomorrow's snapshot, the shrug ends and the lead rotates.