Executive Summary
PSI hit 85.6, its lowest in 25 days of tracking. DEWS added its first WARNING-band coin while PUSD, USDA, and IUSD all sit in ALERT. Even USDS reversed its $625M weekly inflow.
PSI dropped to 85.6, its lowest in 25 days of Digest tracking, capping a week-long slide from 94.5. That 8.9-point descent has been steady and unbroken, dragging the index from BEDROCK into a third consecutive day of STEADY. More telling than the number is the DEWS shift beneath it: yesterday held zero WARNING-band coins. Today there is 1, and ALERT count jumped from 15 to 16, with 51 coins now on WATCH versus 47 the day before.
Stress Rising. PUSD sits in ALERT at score 48 with $120M in market cap, its liquidity erosion and cross-source divergence both pinned at 100. USDA, at $270.84M, also holds ALERT status at 39, and its DEX liquidity score just swung from 10 to 26 as TVL quadrupled from $611K to $2.21M in a single day. That looks less like organic growth and more like emergency backstop. IUSD rounds out the concern list: ALERT at 37, bleeding $14.98M in net burns yesterday, its mint/burn flow signal at 85.
USDS posted its largest weekly gain in months, adding $625.1M to reach $8.67B, just 1% below its all-time high. But the 1-day picture reversed hard: $25.91M net outflow against $337.52M weekly inflow. The Bank Run Gauge reads negative 25.7, CAUTIOUS but deteriorating, after swinging from negative 43.2 to negative 24.1 in 24 hours. When the biggest winner of the week starts losing ground on the day PSI hits a new tracking low, the tension has a timeline.