Executive Summary
Bank Run Gauge hits negative 41.8, worst of the week, while PSI holds 87.3 STEADY for a 9th day. Three coins print max-negative pressure scores. The numbers are calm; the plumbing is not.
PSI ticked up to 87.3, its highest in 5 days, extending the STEADY streak to 9 consecutive sessions. On the surface, a picture of composure. But the Bank Run Gauge plunged to negative 41.8, its lowest reading all week and nearly double yesterday's negative 23.8, as syrupUSDT, USDe, and USDG each printed negative 100 pressure scores against their 30-day baselines. That kind of synchronized outflow doesn't usually happen when everyone is relaxed.
Capital Signals. USDC shed $1.36B over seven days, its mcap now sitting 2% below its $79.58B high from March 17. USDS reversed a $224.59M weekly bleed with a $14.05M daily inflow, and DAI flipped from negative $4.72M on the week to positive $20.29M in 24 hours. The reversals are small but directional: capital rotating back into decentralized stables while USDC quietly thins. USDf slipped from B-minus to C-plus at $1.63B in mcap, its liquidity score a middling 56 even as yield spiked to 5.43% against a 30-day average of 0.74%.
Stress Pockets. Five pmUSD depegs resolved within an hour each, peaking at 219 bps on a $99.35M coin. Quick recoveries, but five in one day is not a rounding error. USDA remains at ALERT with a DEWS score of 48 and a liquidity erosion reading of 99 on $266.30M in market cap, the largest coin sitting in that band. PAXG, the $2.31B gold-backed stalwart, quietly downgraded from B-plus to B. When the safe havens start losing polish, the calm deserves a second look.