Executive Summary
USDC bleeds $1.39B as USDS, USDe, and USDf yield-spike simultaneously. GHO downgrades to B. PGOLD loses 95% of DEX liquidity overnight. PSI reads 89.2; the rot is beneath it.
PSI climbed to 89.2 from 87.1 six days ago, its best reading of the week, yet the TENSION regime persists because the stress is migrating, not vanishing. The 7-day trajectory shows market cap drifting sideways near $325.3B while USDC quietly shed $1.39B in a week, falling 3% below its $79.58B ATH from March 17. That capital is going somewhere, and the yield signals suggest where.
Yield Signal. USDC is printing 39.26% APY against a 30-day average of 25.69%, a divergence wide enough to attract fast money. USDS and USDe are both spiking above 3.5% APY from 30-day averages under 1%, and USDf nearly quadrupled its monthly baseline to 5.68%. Three mid-cap coins simultaneously flashing yield spikes while USDC bleeds supply is not coincidence; it is capital chasing incentives at the expense of grade quality.
Grade Rot. GHO dropped from B+ to B at $583M, the largest coin by market cap to downgrade this cycle, with liquidity scoring just 54. IUSD slipped to C at $118M. The upgrades are thinner: USD1 climbed to B+ at $4.39B on near-perfect peg, but its rise looks lonely next to GYD still sitting at WARNING with a DEWS score of 61 and liquidity erosion reading 79. PGOLD's DEX TVL collapsed 95% overnight, from $713K to $38K, on an $88M coin. When the plumbing drains that fast, the peg score is just a number waiting to update.