Executive Summary
621 hours below peg, $20.81M mcap, 13 other active depegs stacked behind it while PSI still reads 95.1 BEDROCK. Next trigger: APXUSD at 3650 bps.
USX sits at $0.391, 5783 bps below peg, entering its 621st hour of failure. The float is only $20.81M, which is why the digest keeps returning to it: nothing here has to unwind. pmUSD trades $0.724 on $67.99M; apxUSD holds $0.861 on $297.17M; USDA prints $0.985 on $148.01M. The chronic wall grows one name at a time.
The active-depeg count is 14. BRLA resolved after a 160 bps spike, PSI ticked to 95.1 on its 24th straight BEDROCK day, and the Bank Run Gauge rebounded to 20.4 HEALTHY from 5.3 yesterday. Aggregate reads calm; the tail reads terminal. USDS shed $879M this week, USDC reversed with $209M added in a day, and BUIDL exited WATCH to CALM on a yield-anomaly recovery.
Yield warnings persist on USDT (4.11% on $184B), USDC (5.38% on $73B against an 8.53% seven-day average), and USDS (6.99% on $6.65B), all flagged missing opportunity evidence. PAXG's 10.88% print carries a reward-heavy tag, which is usually the polite version of emissions doing the work. If APXUSD widens to 3650 bps next session, the tail moves from chronic to acute; if PSI slips to 93, the BEDROCK streak breaks and tomorrow's story changes register.