Executive Summary
SUSD hits DEWS ALERT with cross-source divergence maxed at 100, pool balance drift at 75, and a 1711 bps depeg. PSI dipped to 95.8, its lowest since March 15.
PSI slipped to 95.8, its lowest since March 15, as the DEWS board quietly reshuffled itself into something more concerning. Yesterday's 110 CALM coins shrank to 100; the 4 coins now at ALERT, up from zero, include SUSD, whose cross-source divergence score hit 100 while pool balance drift reached 75. For a $43.48M coin already dragging PSI severity at an impact of 74.4, that is not a drill.
Peg Watch. SUSD sits 1711 bps below its peg, dwarfing every other severity contributor. USDA at negative 152 bps on $266.52M adds another 40.5 impact, but SUSD alone accounts for nearly twice that weight. The DEWS promotion from WATCH to ALERT, driven by liquidity erosion at 15 alongside that maxed-out divergence signal, suggests the pricing dislocation is deepening across venues rather than consolidating.
The broader market keeps doing its impression of health. USDC touched an all-time high at $79.34B, adding $1.10B in a single week. The Bank Run Gauge reads a placid 10.3. EURC and EURCV both registered pressure scores of negative 100, bleeding a combined $13.26M, but euro stablecoins have been quietly hemorrhaging for days. When PSI reads BEDROCK and 4 coins simultaneously jump to ALERT underneath it, the question is whether the index is measuring the right thing, or just the big things.