Executive Summary
PSI at 87.5, its lowest since March 24, while DOLA hits WARNING at 58 and bleeds $47M in a single day. The gauge reads STRESS.
PSI slipped to 87.5, its lowest reading since March 24 and a tick below yesterday's 87.7, extending a plateau that has quietly eroded from the week's 87.9 peak. The 8-day STEADY streak holds, but the Bank Run Gauge tells a different story: after improving from negative 35.7 to negative 12.2 over three days, it lurched back to negative 23.8 today and the raw reading hit negative 41.8, deep enough to register STRESS. The $324.34B total market cap shed $178M in a week that saw USDC alone lose $1.41B, its supply now sitting 2% below the $79.58B high set March 17.
Stress Signal. DOLA is the only coin in WARNING on the DEWS board, scoring 58 on a trifecta of mint/burn flow at 100, pool balance drift at 77, and supply velocity at 69. Yesterday's net outflow of $46.96M registered a pressure score of negative 100 against its 30-day baseline, the most extreme single-coin burn pressure on the board. At $134.98M market cap and a FRAX-adjacent B-grade neighborhood, DOLA's stress is no longer a slow leak; it is a fire alarm in a building everyone assumed was empty. FRAX itself sits at ALERT with a score of 36, its pool balances drifting and cross-source prices diverging.
The broader DEWS distribution deteriorated overnight: WARNING went from 0 to 1, ALERT from 12 to 14, and CALM shrank from 72 to 65. USDS and USDe both printed yield spikes of 3.75% and 3.52% against 30-day averages below 0.2%, suggesting someone is paying up for liquidity that used to be free. FPI's DEX TVL collapsed 95% from $105M to $5M in a single day, a liquidity evaporation that dropped its score from 51 to 27. When the gauge reads STRESS and the exits get narrower, calm is just a word the index hasn't updated yet.