Executive Summary
PSI 94.3, BEDROCK. KAG depegged 3 times on $314.86M and recovered each time inside an hour. USDC added $1.42B to $76.40B. USDT ran 4 blacklist freezes on Ethereum totaling $282.34K across 32 events in 24 hours.
PSI lands at 94.3 in BEDROCK for the second consecutive session, severity at 0.03, breadth at 3.93, trend positive by 0.75. The number is identical to yesterday, which is either a reassuring sign of structural anchor or the index politely refusing to have an opinion.
The sharpest story today is one that already resolved: KAG printed three separate depegs, 598 bps, 370 bps, and 337 bps in succession on a $314.86M float, recovering from each within an hour or less. Three misfires and three corrections on the same $315M instrument inside a single news cycle is not routine volatility, it is a coin testing its own reflexes. USDC, meanwhile, quietly added $1.42B this week to reach $76.40B, while USDT shed $38.16M yesterday after posting a positive weekly average, its supply running in two directions at once like a trader who forgot which way they were facing.
Thirty-two blacklist events in 24 hours affected $285.89K, with four USDT-on-Ethereum freezes accounting for $282.34K of that total. The amounts are small, the volume is not; 32 actions in a single day is a pace that suggests someone's compliance queue had a busy morning, even as the PSI sits at its most placid reading.