Executive Summary
85.2, the lowest in 107 days of Digest tracking. Breadth 15.18 of 17, severity 1.42 of 68. Both top contributors broke within a day: USDf at $0.990, XAUT 73 bps off peg. Next trigger: XAUT at 100 bps.
The Pharos Stability Index read 85.2 at the 07:57 UTC sample. That is its lowest in 107 days of Digest tracking and below the 90 level set as yesterday's deterioration trigger; it stood at 92.5 on 27 October. Breadth reads 15.18 of a possible 17 against severity of 1.42 of 68, with 24 depegs active. The two largest severity contributors both broke within the past day.
USDf is at $0.990, a 103 bps discount on $1.66B, four hours into the break. Its DEWS score of 42 at ALERT is the highest among the listed ALERT coins, driven by mint/burn flow, cross-source divergence and pool balance drift. XAUT is at $3,876.91, 73 bps under peg, in an event that opened 15 hours ago and peaked at 160 bps; at $3.14B it carries the largest PSI impact, 232.3.
DEWS band counts moved opposite to the index: WARNING emptied from two coins, ALERT fell to eight from 10 and CALM rose to 126 from 120 across 43 band changes. The Bank Run Gauge reads 26.8, HEALTHY, on partial valuation. USDT is $2.81B lower over seven days at $179.64B, 5% below its 26 April record of $189.76B, while USDC added $156.98M in a day.
PYUSD net burned $162.18M in the 24 closed hours to 06:00 UTC, though its supply velocity series, on another window, shows +$8.93M for the latest day. pmUSD widened to 4,653 bps below peg at $0.535 from 4,191; Avalon's USDA holds a stored 3,098 bps peak without a live price. Should XAUT's discount reach 100 bps, the largest PSI contributor becomes a firmer peg-stress case.