Executive Summary
DEWS ALERT names jumped four to eight overnight, driven by cross-source divergence, not insolvency; apxUSD's peg healed to 953 bps even as its stress light flipped on.
DEWS doubled its ALERT roster overnight, from four names to eight. ALUSD, apxUSD, and AZND all dropped out of WATCH, leaving a band table of 130 CALM, 100 WATCH, and 8 ALERT against yesterday's 144, 92, and 4. The common thread is not insolvency but disagreement: cross-source divergence scored a maximum 100 on nearly every name that moved.
apxUSD is the tell. Its peg has been healing since June's STRC drawdown, tightening from 1,184 to 953 basis points below a dollar, yet DEWS flipped it to ALERT anyway on price confidence and that same divergence. A recovering peg tripping a stress light is a reminder that the feeds moved, not the reserves. PSI holds at 93.3, its 42nd straight BEDROCK day, unbothered by the noise.
The yield tape carries the same ambiguity: USDT flashed 12.1% APY against a 1.48% seven-day average, USDC 12.8%, both tagged opportunity-evidence-missing, a reward nobody can source. pmUSD stayed critical, widening to 5,237 basis points off peg at $0.476. If USDT's best rate falls back near 1.8% next session, the anomaly is cooling; if the ALERT band pushes past eight, the divergence is signal, not static.