Executive Summary
PSI climbed to 95.9 in BEDROCK as USDC quietly added $1.82B in seven days to reach $75.45B, making it the only stablecoin doing real work this week.
The 10 active depeg events are technically correct and practically unimpressive: EURS is 890 bps off-peg on $8.65M, which is the kind of math that looks scary until you realize the total market impact is smaller than USDT's rounding tolerance. The $314.53B market grew by $1.70B this week, and USDC accounted for more than all of it, meaning the other 99 coins in the room collectively lost ground while one did the heavy lifting. BEDROCK at 95.9 is not complacency — it is what order looks like when one issuer decides to show up.