Executive Summary
PMUSD dropped 1,822 bps in a day to $0.44, now 5,602 below peg on day 86; a precious-metals token clearing 44 cents while a $317.66B market barely notices.
PMUSD lost another 1,822 basis points in a day, sinking to $0.44 and 5,602 below its peg on day 86 of a slide that never found a floor. A stablecoin named for the permanence of precious metals now clears at 44 cents. DEWS holds it at ALERT 37, with cross-source divergence pinned at 100.
None of this troubles the index. PSI reads 93.4, its 34th straight day in BEDROCK, because PMUSD's $37.8M market cap is a rounding error against $317.66B in aggregate supply, itself only 0.32% below its Digest-window high. The one bright note came from apxUSD, whose STRC-driven gap narrowed from 1,401 to 1,277 bps.
Yields kept deflating on schedule: USDC's best rate cooled to 11.64% from 14.9%, USDS to 6.48% from 8.1%, both still above their 30-day means. YLDS told a harsher story, its DEX pool shedding 89% of TVL to $4.29M overnight. If USDC's best APY falls to 12.8%, 1.2x its seven-day average, the anomaly formally cools by next session.