Executive Summary
USDA slid another 476 bps to 1,368 below peg, its widest yet, as MSUSD and pmUSD also widened; PSI still read 91.9, its 40th BEDROCK day. An index calling bedrock over 15 active depegs is the whole tension.
USDA slid another 476 basis points in 24 hours to 1,368 below peg at $0.863, the widest mark in its 656-hour depeg. It kept bad company: MSUSD stretched to 2,684 bps, and pmUSD, 92 days into its collapse, ground down another notch to 5,325 bps at 46.8 cents. Three names deteriorating in a single session is a signal, not static.
The Pharos Stability Index shrugged, printing 91.9 and extending its BEDROCK run to 40 days, a level it has not traded below since July 9. That is the divergence: an aggregate calling bedrock while fifteen depegs sit active and a $75M issuer carrying three straight F grades bleeds toward 85 cents. Calm indices have a way of insulating exactly the names that later matter.
DEWS offered thin relief, pulling apxUSD and ALUSD from ALERT back to WATCH, though apxUSD's own peg, cracked by June's STRC drawdown, still sits 1,101 bps light at $0.89. Watch USDA next: another session past 1,400 bps turns a chronic sore into a break. USD1's 11.86% APY, quadruple its 7-day average, is the yield line most likely to snap first.