Executive Summary
PSI at 90.8, its lowest in 6 days, as KAG sits 488 bps off-peg on $314M and USDC's $79.22B ATH meets a quiet outflow.
PSI slipped to 90.8, its lowest since March 8, while the regime formally reads TENSION. That 1.4 point drop from yesterday's 92.2 is modest in isolation, but breadth at 7.37 suggests stress is quietly spreading across more coins even as the headline index clings to BEDROCK. Five days in that band now, each one a little less convincing than the last.
KAG commands attention: 488 bps off-peg on a $313.80M market cap dwarfs anything else on the depeg board. For context, KAU just recovered from a 1091 bps deviation after 6 hours, so the silver-backed family is having a week. Meanwhile SUSD escalated to ALERT at score 37, the lone coin climbing the stress ladder while 3 others stepped down. On a $44.36M cap it is not systemic, but cross-source divergence as a driver is never comforting.
The velocity reversals tell a subtler story. USDC printed $1.82B in weekly inflows, pushing it to an all-time high of $79.22B, yet yesterday saw a $7.22M outflow. USDS reversed the same way: $803.54M in, then $12.32M out. When two of the largest stablecoins pump the brakes on the same day, it is worth asking whether the party just paused or ended.