Executive Summary
apxUSD traded at $0.975, 252 bps below peg on $301.78M of market cap, up from 137 bps a day earlier and 45 bps short of its episode peak. The Bank Run Gauge sits at -14.9.
apxUSD traded at $0.975 in the latest sample, 252 bps below peg, against 137 bps a day earlier. On $301.78M of market cap, that deviation ranks second only to pmUSD by market impact among the 23 active depegs and amounts to roughly $7.6M below par. The episode is 68 hours old; its 297 bps peak is 45 bps away.
The Bank Run Gauge weakened to -14.9 from -8.0, inside its CAUTIOUS band and on partial valuation data, while Ethereum logged -$60.91M of net flow over 24 hours. Coin-level readings split: fxUSD net burned $3.63M at -100 against its 30-day baseline, offset by net mints of $3.43M each at +100 for stcUSD and CUSD.
USDT supply is $644.24M lower over seven days at $183.41B. USDC's is $470.71M lower, though only $7.20M of that came in the latest day. Both figures count tokens outstanding and do not show who redeemed. Total stablecoin market cap fell $1.04B on the week to $321.31B, 0.34% under its Digest-window high set four days ago.
DEWS counts seven coins in ALERT, up from three, including Avalon's USDA at a score of 41 and MOVEUSD at 37 on liquidity erosion and pool balance drift. pmUSD sits 3,151 bps below peg at $0.685, against 3,083 bps yesterday. If apxUSD widens past its 297 bps peak, the episode sets a new extreme; a gauge print at -15 or lower would put flow stress beside it.