What peg stress means
A stablecoin is designed around a reference or valuation method. A fixed USD token and a fixed-price rebasing unit can be tested against one dollar, a non-USD token needs FX normalization, and a variable-price accumulating-NAV unit needs its NAV method instead. A large persistent normalized gap is a warning to investigate, not a backing verdict.
Why circulating value matters
The list feed's circulating field is current USD market value, calculated upstream as token units multiplied by current USD price, while the history endpoint carries token units. A one-cent drift on a large fixed-reference instrument is a different event from the same drift on a small, thin one, so Bathymark keeps price, market value, and unit history distinct.