Executive Summary
PSI holds at 94 in BEDROCK, but 5 freeze events in 24 hours suggest the plumbing is more active than the price feeds let on.
USDC absorbed essentially the entire $1.37B weekly inflow on its own, adding $1.39B to reach $74.94B — meaning the rest of the $313.82B market, collectively, shrank. The 11 active depeg events sound alarming until you check the names: EURS at 867 bps sounds dramatic on a $8.65M float, which is roughly the market impact of a rounding error on USDT. Nothing broke today. Whether that calm is earned or borrowed is the only interesting question.