---
title: "ALERT Count Doubles Overnight"
canonical: "https://pharos.watch/digest/2026-04-02/"
datePublished: "2026-04-02T08:05:40.000Z"
description: "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."
---

# ALERT Count Doubles Overnight

## 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.

## Extended

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.