Executive Summary
SUSD and USDA both jumped to ALERT on cross-source divergence while PSI holds 91.9 BEDROCK. Four ALERT signals under a calm index is a contradiction with an expiration date.
PSI reads 91.9, BEDROCK for a fourth straight day, last dipping below this level on March 11. That composure looks increasingly theatrical given what's stirring underneath: SUSD and USDA both escalated from WATCH to ALERT in the last 24 hours, both flagged for cross-source divergence, pushing the ALERT count from 2 to 4. USDA at $270.84M is the one worth watching; SUSD at $41.73M less so.
PYUSD printed $56.75M in net mints yesterday, a pressure score of 100 against its 30-day baseline. RLUSD added another $32.99M. Both are accelerating into a market that added $4.04B in seven days, yet USDC, USDS, and DAI all reversed to net negative yesterday after absorbing the bulk of that weekly gain. USDC sits $10M lighter on the day despite being functionally at its all-time high of $78.85B.
Four ALERT-band coins under a BEDROCK index is the kind of contradiction that resolves itself eventually. The question is which layer blinks first.