Executive Summary
PSI 92.8, BEDROCK. USD1 reversed from -$87M weekly to fresh minting in 24h. USDS at $273M daily is accelerating. USDC added $1.66B to $77.08B without incident. KAG resolved 337 bps on $303M again.
PSI settles at 92.8 in BEDROCK, down half a point from yesterday's 93.5, with severity at 0.27 and breadth at 10.38. The index has not left its most stable band, but breadth approaching double digits suggests the calm is distributed unevenly across the ecosystem.
The sharpest story today belongs to USD1, which shed $87.47M over the past week and then reversed completely, printing $611K of net issuance in a single day. A coin rated B with a liquidity score of 74 swinging from an $87M drain to fresh minting inside 24 hours is not a routine oscillation; it is a directional argument that has not finished being made. Meanwhile USDS added $273.87M yesterday against a $291.43M weekly average, meaning one coin is quietly compressing its weekly run into fewer days while its peer lurches from contraction to expansion. USDC, for its part, grew $1.66B this week to $77.08B and generated no drama whatsoever, which is the most expensive form of boring available.
KAG recovered from a 337 bps depeg on $303.45M inside an hour, its third such recovery in recent sessions, a coin apparently committed to stress-testing its own peg reflexes on a schedule. LUSD remains 167 bps off-peg with a liquidity score of 44 and a B safety grade, which is the combination that earns a watchful squint rather than an alarm.