Executive Summary
574 bps deeper in a day: PMUSD trades at $0.622, 3,780 below a peg it last held 85 days ago, while PSI's 33-day BEDROCK streak barely notices $58M of failing collateral.
PMUSD slid another 574 basis points to $0.622, now 3,780 bps below a peg it last held cleanly 85 days ago. A precious-metals stablecoin trading at 62 cents is the kind of contradiction the reserve was built to prevent. DEWS keeps it in ALERT at score 38, cross-source divergence pinned at 100 and pool balance drift at 72; the 5,568 bps peak is history, the direction is not.
PSI reads 93.1, its 33rd consecutive BEDROCK day, which means the index barely notices $58M of collateral coming apart. Fourteen depegs stay active. apxUSD widened to 1,401 bps on the same STRC drawdown that opened its wound in June, and USDA drifted to 400 bps off. None of them threatens the $318B aggregate; each hollows a different corner of it.
XAUT shed $378M this week, its steepest one-week drawdown since a $373M move 178 days ago, pulling gold-backed supply to $2.48B. USDC's advertised 7.91% APY now sits under its 12.44% seven-day average, the yield anomaly draining as flagged. Next tell is whether PMUSD stalls above $0.60 or the reserve keeps failing to defend it.