Executive Summary
PSI reads 90.7, its lowest in 224 days of tracking, with total market cap 0.20% under its high. Breadth supplies 6.81 points of drag; depeg severity supplies 0.03.
The Pharos Stability Index read 90.7 on the 07:56 UTC sample, the lowest in 224 days of Digest tracking, while total stablecoin market cap stood at $323.65B, 0.20% below the window high set a day earlier. Breadth accounts for 6.81 points of drag out of a possible 17. Weighted depeg severity accounts for 0.03 of 68, and its largest input is pathUSD at 39 bps on $71.65M.
The count of stressed coins supports that reading. DEWS shows 15 coins at ALERT or above, up from 12 a day earlier, with HBD alone in DANGER at a score of 85 on $33.65M. On $311.19M of supply, apxUSD moved from CALM to WATCH on cross-source divergence and trades at $0.991, 88 bps below peg. Avalon's USDA is still carried at its stored 3,098 bps deviation on $145.56M, with no live price.
Supply figures run the other way. USDT added $527.86M over seven days while USDC contracted $409.36M, and USD1 lost $34.09M of its $37.24M weekly decline in the last day alone. Next trigger: a USD1 move of $45M or more in one session, which would show the burn compounding rather than fading.