Executive Summary
PSI 94, BEDROCK. DAI added $172M in one day against a $75M weekly average. 49 blacklist events, $1.47M in USDT destroys. GYEN at -2957 bps is a condition, not an event. USDC grew $1.91B to $77.24B without comment.
PSI ticks to 94 in BEDROCK, up 1.1 points from yesterday's 92.9, with severity at a near-invisible 0.04 and breadth at 4.32. The total stablecoin market added $3.89B this week to reach $322.40B, and the index responded by doing almost nothing, which at this size is its own kind of statement.
The sharpest supply story is DAI, which printed $172.65M in a single day against a $75.45M weekly average, meaning yesterday absorbed more than twice the week's prior daily pace. A B-rated coin with a liquidity score of 68 accelerating that sharply without a corresponding peg event is worth watching; either demand arrived in a hurry or someone is building a position before something moves. GYEN, meanwhile, sits 2957 bps below peg on $4.97M with an F safety score and liquidity of 10, a coin so structurally compromised that its depeg is less an event than a condition.
Forty-nine blacklist actions in 24 hours affected $1.93M, with five USDT destroy events accounting for nearly $1.47M between them, all on Tron or Ethereum. CUSD resolved two separate depegs, 375 bps and 312 bps, on a $106.72M float in under an hour each, and pmUSD cleared 300 bps on $107.28M just as quickly. Three clean recoveries on coins above $100M while the PSI barely blinks is exactly what functional plumbing is supposed to look like.