Executive Summary
PSI 92.5, BEDROCK. USDT, USDC, and PYUSD all reversed supply direction in 24 hours. KAU resolved a 2036 bps depeg on $411.52M. LUSD sits 138 bps off-peg with a liquidity score of 38.
PSI rises to 92.5 in BEDROCK, up from 91.3 yesterday, with severity at 0.08 and breadth at 7.65. The market added $1.28B this week on a $317.42B base, which is the kind of growth that sounds meaningful until you notice USDC contributed $686.23M of it and then quietly reversed, shedding $74.95M yesterday alone after a week of steady accumulation.
KAU resolved three separate depegs this week, the largest at 2036 bps over 8 hours on a $411.52M float, which is the most dramatic number in today's data and also the most resolved. What remains unresolved is the supply reversal story: USDT added $106.22M yesterday after losing $5.45M across the week, USDC drained $74.95M after gaining $681.94M, and PYUSD shed $1.20M after a $121.38M weekly run. Three of the four largest stablecoins changed direction in a single day, simultaneously, which is either a coincidence or a signal, and BEDROCK does not tell you which.
The 5 blacklist events in 24 hours totaled $989.53K, led by two USDT-on-Tron freezes accounting for $953.73K between them. LUSD sits 138 bps off-peg on $31.19M with a liquidity score of 38, which is the only active depeg worth watching; a B-rated coin with near-bottom liquidity holding a modest deviation is not a crisis, it is a posture.