Executive Summary
USDC hit a $79.22B ATH while 84 depeg events and 222 blacklists piled up beneath a BEDROCK PSI that never flinched.
PSI opened at 91.2 and closed at 94.5, never leaving BEDROCK, yet the week's real story was the accumulating tension beneath that placid surface. The index peaked at 94.5 on Sunday after bottoming at 90.8 on Saturday, a 3.7-point range that understates the 84 depeg events and 222 blacklist actions logged across seven days. The Bank Run Gauge swung from minus 20.1 to 39.6, a 60-point range that BEDROCK alone cannot explain.
USDC was the protagonist. It flirted with its all-time high on March 10 at $78.25B, stalled $10M short on March 11, then punched through to $78.88B on March 13 before extending to $79.22B on March 14. Record supply from the largest stablecoin should radiate confidence, but the DEWS shelf told a different story: ALERT coins jumped from 1 to 5 by Tuesday, with SUSD, USDA, and LUSD all escalating on cross-source divergence by midweek. Sixty coins had shifted to WATCH status by Sunday alone, up from 36, spreading stress across the middle tier where headlines rarely look.
The counter-narrative arrived on March 15, when USDC, USDT, and USDe all reversed their weekly flow direction in a single session. A triple reversal day under BEDROCK conditions is rare enough to note; the Bank Run Gauge reading CAUTIOUS made it worth underlining. Then MUSD entered DEWS ALERT on March 16 as its TVL quintupled overnight to $56.18M while the coin showed liquidity erosion, the kind of contradiction that turns $18.65M assets into post-mortems.
Total market cap rose 0.99% from $322.55B to $325.75B, with USDC contributing the bulk of that $3.2B gain. But KAG sitting 488 basis points off-peg on $314M and zero grade transitions across 84 depeg events suggest the grading system is absorbing shocks rather than reflecting them. The week produced no blowups, no regime changes, no panic. It produced something more useful: a clean catalog of stress points that will matter when BEDROCK finally cracks.