Executive Summary
PSI drifts to 91.5, its lowest since March 14, while USDS, USDC, DAI, and PYUSD all reverse weekly inflows on the same day. GYD is the board's lone WARNING. The BEDROCK streak holds, but barely.
PSI slipped to 91.5, its lowest reading since March 14, capping a quiet three-day descent from the week's 95.2 peak. The BEDROCK streak holds at 10 days, but the trajectory tells a different story: that midweek high now looks like a local top, not a launching pad. Meanwhile the Bank Run Gauge swung to 11.4 from yesterday's negative 22, a 33-point reversal that marks the sharpest single-day positive shift in the 7-day window.
Supply Reversal. Four major stablecoins printed negative daily flows against positive weekly trends. USDC shed $3.10M, USDS lost $18.72M, DAI dropped $6.28M, and PYUSD dipped $643K, all on the same day. USDS is the headline: up $669M on the week, sitting 0% off its all-time high of $8.63B, yet yesterday's outflow broke the momentum at the worst possible time. When the fastest-growing coin in stablecoins pauses for breath, you pay attention.
GYD Crosses the Line. The DEWS board reshuffled overnight, with GYD jumping from WATCH to WARNING at a score of 57, driven by cross-source divergence at 99 and pool balance drift at 92. At $26.56M in market cap, this is not systemic, but it is the only WARNING-band coin on the entire board. PUSD also escalated to ALERT at a score of 37 on $120M, making it the largest coin currently flashing elevated stress. The net ALERT-and-above count held at 6, but the composition shifted: SUSD and dUSD cooled while GYD and PUSD heated up.
The 34 USDT blacklist events totaling $4.81M are background noise by volume, but the cadence is notable: five of the largest individual actions, including a $689K freeze on Ethereum, landed in a single 24-hour window. When enforcement clusters like this while PSI drifts lower and supply velocity flips negative across four coins simultaneously, the calm starts to feel rehearsed.