Executive Summary
apxUSD's depeg closed after 2,527 hours and a 3,159 bps trough, yet its safety grade is still F at 30. USDC supply fell $1.35B in a week; next trigger is a $10M one-day USDe move.
apxUSD's depeg closed with a positively classified recovery in the last 24 hours, ending a 2,527-hour event that reached 3,159 bps below peg at its worst. The token carries $313.53M of market cap and sat 102 bps below peg yesterday. The price recovery left its Pharos safety grade unchanged at F, score 30, flagged for correlated exit routes; no grade movers were recorded in the last 48 hours.
USDC supply fell $1.35B over seven days to $74.51B, 7% below its April high of $79.75B. The one-day decline slowed to $6.99M, and a token count alone establishes no withdrawals. Total stablecoin market cap fell only $28.26M in the week to $321.06B, so gains elsewhere, XAUT's $705.26M among them, offset nearly all of it. Avalon's USDA keeps a stored 3,098 bps deviation with no live price and no material change.
The Bank Run Gauge stands at -15.8, cautious, up from -27.6 on September 28, with no flight-to-quality flag. USDe posted net burns of $11.50M over 24 hours, and its supply fell $6.73M in a day, reversing a $7.66M weekly gain. OUSG netted $6.72M of mints. A USDe supply move of $10M or more in a single session would turn that reversal into rotation.