Executive Summary
DEWS ALERTs climbed from six to nine as RLUSD, XAUT, TUSD and USX all shed liquidity in one session. PSI's 92.2 registers none of it; the Bank Run Gauge, sinking to -12.6, does.
Nine stablecoins now register DEWS ALERT, up from six yesterday, and the liquidity scores feeding that band are sliding together. RLUSD dropped 63 to 54, XAUT 64 to 56, TUSD 50 to 32, USX 57 to 47. Four exit doors narrowing in a single session is a pattern, not an accident, and the warning band widened to match.
The Pharos Stability Index reads 92.2, a 55-day BEDROCK streak indifferent to any of it. The Bank Run Gauge disagrees, sagging from -6.0 to -12.6 and back into CAUTIOUS territory. Five sessions ago RLUSD was where money went; yesterday $15M of mints reversed and walked out the door it arrived through.
pmUSD remains the open wound at 3949 basis points below peg, wider again with no resolution. apxUSD, still bleeding from June's STRC drawdown, sits 619 bps under. Yield is the one number cooperating: USDC's best rate eased to 9.52%, USDT to 4.12%. If DEWS ALERTs cross ten next session while liquidity keeps sliding, the gap between 92.2 and the periphery stops being academic.