Executive Summary
Bank Run Gauge rose from negative 43 to negative 12 in a week while DOLA bled $47M in a single day. Thirteen depegs, 14 ALERT signals, and PSI just calls it STEADY.
PSI sits at 87.7, technically STEADY for 7 straight days, but the tension lives underneath. The Bank Run Gauge has climbed from negative 43.2 to negative 12.2 over the past week, a trajectory that reads less like stabilization and more like pressure slowly filling a room. Thirteen depegs remain active, and the ALERT count just rose from 11 to 14 on the DEWS board, with 3 coins promoted overnight.
Pressure Watch. DOLA deserves the spotlight it hasn't gotten. Its DEWS score hit 42 on an ALERT band, driven by a mint/burn flow reading of 100 and pool balance drift of 76. That net negative $46.96M in flows yesterday produced the only negative 100 pressure reading on the board, the mirror image of CUSD and FDUSD quietly absorbing capital on the other side. FRAX at ALERT 36 and USDA at ALERT 40 round out a mid-cap stress cluster worth $646M combined, all showing cross-source divergence above 48.
Yield Signal. USDS and USDe both spiked to roughly 3.5% to 3.75% APY against 30-day averages near 0.02%, the kind of yield discontinuity that usually means someone is paying generously for inflows. USDC's 40.21% APY on $77.8B of supply, diverging from its own 35.91% weekly average, adds a strange harmonic. When three of the five largest stablecoins start offering elevated yields simultaneously, the question is not whether capital is moving but where it is leaving.