Executive Summary
DEWS ALERT count doubled from 6 to 12 overnight while PSI sits at 90.3 BEDROCK. FRAX, DOLA, and 3 others tripped the wire; RLUSD shed $89M in a day.
PSI climbed to 90.3, completing a six-day ascent from 87.3 last Saturday to BEDROCK for the second consecutive day. The trajectory is pristine on the surface: $325.73B total cap, up $1.4B from the week's trough. But the DEWS distribution tells a different story. ALERT-band coins jumped from 6 to 12 in 24 hours, and WATCH swelled from 60 to 49 only because 5 coins migrated upward into trouble, not because the watchlist shrank.
FRAX sits at ALERT with a score of 36, its pool balance drift hitting 70 and cross-source divergence at 65, on a $273M market cap. DOLA, at ALERT 46 with cross-source divergence of 85, is the highest-scoring stress signal in the cohort at $134.89M. Five new WATCH entries appeared overnight, including BRZ, which is simultaneously 156 bps above peg with a D grade of 45 and responsible for 71.6 of PSI's severity score. The index reads calm because severity stays low, but the plumbing underneath is busier than any day this week.
Capital Signals. RLUSD printed a pressure score of negative 100, shedding $89.29M in a single day, the largest outflow on the board. PYUSD moved the opposite direction, adding $332.16M in 24 hours against a $429M weekly gain, accelerating hard. USDC, down $1.61B for the week and now 3% below its $79.58B ATH, is posting a 53.97% APY anomaly, nearly double its 30-day average of 31.66%. Yield that high on $77B is either a magnet or a warning siren, and the market has not yet decided which.