Executive Summary
USDT minted $860.80M in one day, 5x its weekly pace, while USDC bled $75.36M. PSI sank to 90, DEWS ALERT count jumped to 10, and the Bank Run Gauge dove to negative 31.9.
PSI slipped to 90 yesterday, its lowest reading in 12 days and the tail end of a descent from 95.2 at midweek. The BEDROCK streak holds at 11 days, but barely: severity sits at 0.1, breadth at 5.32, and the 7-day trajectory reads like a ball rolling toward the edge of a table. The regime says TENSION. The index agrees, if reluctantly.
Acceleration Gap. USDT printed $860.80M in a single day against a weekly average of just $155.10M, its sharpest daily expansion in this window. USDC shed $75.36M in the same session, accelerating its own weekly bleed of $38.06M. That divergence, one giant expanding while its closest rival contracts, is the kind of structural tilt that precedes regime shifts more often than it confirms calm. The Bank Run Gauge swung from positive 11.4 to negative 31.9 in 24 hours, landing at CAUTIOUS.
Stress Creep. Four coins promoted to ALERT in DEWS overnight: LUSD, NECT, pmUSD, and USDA. Only pUSD moved the other direction. The ALERT count jumped from 6 to 10 while WATCH shrank from 41 to 38, meaning stress is concentrating, not dissipating. LUSD now carries a 162 bps depeg alongside its fresh ALERT status and a B+ safety grade whose peg subscore of 71 looks generous. USDA, at $270.84M the largest coin in ALERT, contributes 41.2 severity points to PSI while sitting 152 bps off-peg.
Twenty-seven blacklist events hit USDT on Ethereum for $17.51M, including a single $13.22M freeze. When the biggest stablecoin is simultaneously minting at 5x its weekly pace and freezing eight figures in assets, the word "routine" stops applying.