Stress Picks Its Names

DEWS pushed two more names into ALERT and doubled its WARNING tier to two, while the WATCH band drained from 99 to 91; the middle is emptying toward both extremes. apxUSD crossed from WATCH into ALERT as cross-source divergence hit 100, and UTY holds WARNING at 57 on price confidence of 100 and liquidity erosion of 94, across barely $21M in cap. PSI slipped to 92.1, its lowest since July 9 and the first crack in a run of comfortable readings, though the 32-day BEDROCK streak survives intact. The stress is selective, not systemic. XAUT carries the allocation story: it shed $376M over the week to $2.48B, a hair under its largest weekly drawdown on record. apxUSD's peg quietly improved, narrowing from 1536 to 1336 bps below par as the STRC drawdown fades, even as its data feeds diverged enough to trip ALERT. pmUSD went the other way, widening to 3206 bps below peg on day 84 underwater, critical and unchanged in every way that counts. Next session sets the direction: a third name tipping into WARNING confirms breadth spreading rather than churning. On the majors, USDT's 6.61% APY still runs hot against a 5.96% seven-day average; if it eases toward 7.2%, the yield warning that has shadowed the tape all week finally cools.