Executive Summary
USDC at $78.25B is 0.4% from its all-time high. DEWS ALERT count jumped from 1 to 5 in 24 hours. PSI reads 93.9 BEDROCK, serene as a lake with something moving underneath.
PSI climbed to 93.9, its highest since March 9, on a 2-day BEDROCK streak that belies the tension underneath. USDC added $2.33B this week to reach $78.25B, now within 0.4% of its all-time high of $78.57B set last December. That is a coin pressing against a wall it has never breached, while USDT shed $208M yesterday against a positive weekly trend, a velocity reversal worth watching.
The DEWS board added 4 new ALERT signals in 24 hours, jumping from 1 to 5. SUSD (score 36, $42.60M) flagged on cross-source divergence; MIM (score 37, $32.03M) drifted on pool balance. Neither is large enough to move the needle alone, but the direction is one-way. The Bank Run Gauge sits at 39.6, healthy, though syrupUSDT quietly minted $100M in a single day.
KAU and KAG both resolved their depegs, the former snapping back from 913 bps on nearly $400M in market cap. That cleanup helps PSI, but USDT's daily reversal against its weekly grain is the kind of friction that precedes something, or nothing at all.