Executive Summary
115 coins now sit in DEWS WATCH, up from 96, and apxUSD escalated to ALERT while PSI held a 38th day at 92.4 BEDROCK. Index and tail are telling different stories.
apxUSD climbed from WATCH to ALERT on cross-source divergence, the sharpest of five DEWS band changes that shoved nineteen more names into WATCH overnight. The CALM cohort thinned from 139 coins to 119; ALERT now holds six. STRC's drawdown still has apxUSD at $0.88, 1,173 basis points below peg on $285M of float, even as the peg itself narrowed from 1,294. The Pharos Stability Index reads 92.4, its 38th straight day in BEDROCK, severity a rounding error at 0.05. Total market cap tells a softer story: $315.55B, down $1.61B on the week and 0.98% under the ATH set eight days ago. Breadth is where tension lives, 115 coins in WATCH against 96 yesterday. An index built on the biggest issuers can stay green while the long tail frays. DAI shed two-thirds of its DEX depth, $588M to $203M, while USD1 more than doubled to $175M; exit capacity is rotating between venues, not vanishing. pmUSD sits at 5,325 basis points on day 90, a $0.47 coin no one climbs out of. Next trigger: another night of CALM names sliding into WATCH turns one shuffle into a trend, and USDS reclaiming 7.8% APY would finally clear its yield flag.