Executive Summary
USDC bled $868.51M in 7 days while PAXG and XAUT pulled gold flows to max pressure. PSI steady at 87.9, but the gauge at -35.7 says capital is rotating, not resting.
PSI holds at 87.9, marking 5 consecutive days in the STEADY band after sliding from 94.1 BEDROCK last Tuesday. That 6.2 point drop over a week has stabilized, not reversed. The Bank Run Gauge sits at negative 35.7, its most cautious reading since March 21, while total stablecoin market cap has quietly shed $617.88M over 7 days to $325.24B.
Capital Rotation. USDC lost $868.51M in a single week, its largest outflow in months, dragging it 1% below its $79.58B all-time high set just 7 days ago. gold-backed tokens are pulling in the opposite direction: XAUT reversed from negative $155.65M over 7 days to a $37.52M single-day mint, and PAXG posted $31.25M in net inflows, hitting the maximum 100 pressure score against its 30-day baseline. The flows tell a story the headline PSI does not: capital is not leaving stablecoins, it is changing its mind about what safety looks like.
Stress Beneath the Surface. DEWS band distribution shifted from 74 CALM yesterday to 66 today, with WATCH climbing from 60 to 66 and ALERT from 8 to 11. GYD at ALERT 55 with cross-source divergence at 98 and pool balance drift at 87 on a $26.56M coin is not systemic, but USDA at ALERT 39 on $266.70M with liquidity erosion at 79 is worth watching. RLUSD meanwhile dumped $49.60M in a single day, scoring negative 100 against its baseline, while its yield crept to 1.07% against a 0.89% 30-day average. The CAUTIOUS gauge, 69 blacklist events freezing $14.86M in USDT, and 13 active depegs make this calm feel borrowed.