Executive Summary
USDC stalled $10M short of its $78.71B ATH while PSI dipped to 93.2, its lowest since March 9. Two growth stories hit the brakes on the same day.
PSI slipped to 93.2, its lowest since March 9, breaking a streak that barely lasted 3 days in BEDROCK. The decline is modest, but the direction matters: severity ticked to 0.16, breadth widened to 6.9, and 16 coins migrated from CALM to WATCH in the DEWS bands overnight. That reshuffling, from 82/53 to 98/38, looks tidy until you notice the ALERT count held at 3 while the watchlist compressed. Tension is consolidating, not dissipating.
USDC at $78.70B sits within 0.01% of its all-time high, yet yesterday it shed $17.83M against a $1.63B weekly gain. USDS mirrored the reversal, dropping $16.66M on a day when its weekly pace was $1.27B. Two of the three largest growth stories of the week hit the brakes on the same day. USDT, by contrast, added $60.10M and kept accelerating.
The 28 blacklist events totaling $13.93M in USDT are housekeeping, not drama. The real question is whether USDC's approach to its $78.71B ATH acts as a ceiling or a milestone. Last time a major stablecoin stalled at its peak supply, the pause lasted exactly long enough for everyone to stop watching.