Executive Summary
apxUSD slid another 206bps to 713 below peg, now $0.928; on a $300M float it edges even pmUSD for the board's largest depeg impact. The STRC drawdown that opened it in June still hasn't closed.
apxUSD slid another 206 basis points off peg today, from 507 to 713; it now trades at $0.928. On a $300.97M float, that hands it the single largest depeg impact on the board, edging even pmUSD, which sits far deeper. The cause hasn't changed since June 2: the STRC drawdown that first cracked it to $0.89. Fifty-nine days on, its report card still reads F, backing 39.5.
PSI eased to 92.7 from 94.6, its lowest in three days, though a 53-day BEDROCK streak makes that a rounding error, not a warning. Dollar yields kept compressing: USDT's best APY held at 4.12%, USDC's slipped to 10.16% against 11.42% a month back. pmUSD, 3,501 basis points below peg at $0.650, did nothing new.
DEX depth split by name. ONyc firmed, score 50 to 63 on $12.4M of TVL, while USAT, NUSD, and DUSD each shed exit capacity, NUSD halving to $3.42M. Next trigger: if USDC's best APY falls back to 12.5%, 1.2 times its weekly average, the yield anomaly that has framed this week is finally cooling.