Executive Summary
PSI 93.4, BEDROCK. USDT, USDC, and DAI all reversed supply in one day, draining a combined $72M while PYUSD accelerated 5x its weekly pace. KAU holds 452 bps off-peg on $413.57M and is the only active depeg worth your attention.
PSI slips to 93.4 in BEDROCK, down 2 points from yesterday's 95.4, with severity at 0.24 and breadth at 11. The index remains structurally anchored, but a 2-point decline paired with breadth at 11 means the wobble is spread thin across the ecosystem rather than concentrated anywhere you can easily point at.
The supply story today is almost perversely coordinated: USDT, USDC, and DAI all reversed direction simultaneously, draining $9.56M, $37.74M, and $24.71M respectively in a single day after posting weekly gains of $366M, $2.07B, and $69M. Three coins totaling roughly $250B in combined market cap decided yesterday was the day to exhale, all at once, while PYUSD accelerated to $19.76M daily against a $4.14M weekly average, moving in the exact opposite direction. KAU meanwhile sits 452 bps off-peg on a $413.57M float, rated C with a peg score of 81, and is the only active depeg that registers as market impact rather than background noise. Its siblings KAG and CUSD both resolved cleanly in under 2 hours on floats above $300M, which suggests the gold-backed family had a turbulent morning that mostly sorted itself out.
Five USDT blacklist actions on Tron in 24 hours registered $0.00 in affected value, which is either a data artifact or the most efficient compliance theater in the industry. XAUT quietly reversed from a weekly drain of $11.52M to fresh minting of $1.55M yesterday, a direction change on a gold-backed instrument that rhymes with KAU and KAG stress without quite explaining it.