Executive Summary
apxUSD tightened to 294 bps from 337 as the Bank Run Gauge flipped +21.2 to -19.3; PYUSD bled $42M, FDUSD $11.9M, 21 depegs still open. One coin healing, the flows turning.
apxUSD tightened to 294 bps below peg from 337 a day earlier, clawing back from the 3,159 bps crater the STRC drawdown left last June. At $313.59M it is the largest break on the board that isn't pmUSD, and one of the few moving the right way among 21 active depegs. It still trades at $0.970 with an F on backing.
The flow side moved the other way. The Bank Run Gauge flipped from +21.2 to -19.3 [CAUTIOUS] in a single session, with PYUSD shedding $42.07M and FDUSD $11.88M against their 30-day baselines; only AUSD leaned positive at +$6.28M. PSI held at 91.7 [BEDROCK], its lowest since August 11 but a 66th straight day in the band. pmUSD sits unchanged at 4,648 bps under.
DEWS pushed its ALERT count to 10 from 8, AUDm crossing up from WATCH even as most of the board drifted calmer, a split screen that rarely resolves quietly. The next tell is the gauge: if it falls to -25 or lower, flow stress graduates from footnote to headline. AUSD's lone positive pull is the one number arguing against that.