Executive Summary
PSI down 3.1 points to 91.9 in BEDROCK. USDC added $1.25B to $76.02B. KAU resolved 2036 bps on $408M in 8h. USDT ran 3 destroy events totaling $2.83M on Ethereum. NECT: F-rated, liquidity 16, still 146 bps off-peg.
PSI pulls back to 91.9 in BEDROCK, down from 95 yesterday, with severity ticking up to 0.09 and breadth holding at 7. The index remains well inside its most stable band, but four points in one session is not nothing; it is the market clearing its throat.
The resolved story deserves more attention than the active one. KAU shed a 2036 bps depeg in 8 hours and KAG managed two separate recoveries, including a 755 bps event over 15 hours, all on a combined float north of $700M. That kind of turbulence resolving cleanly is what BEDROCK is supposed to look like from the outside. What it looks like from the inside is 17 blacklist events in 24 hours, $4.40M affected, with $1.12M and $1.10M destroy events on USDT-Ethereum arriving in close succession, which is either routine enforcement hygiene or a very busy morning for one compliance desk.
USDC added $1.25B this week to reach $76.02B, a clean number on a coin rated B+ with a liquidity score of 97. NECT sits 146 bps below peg on $18.29M with an F safety grade and a liquidity score of 16, which is the kind of structural profile that does not resolve, it persists, quietly, until it does not.