Executive Summary
USDC down $914.85M in 7 days while USDS, USDe, and USDf yields more than double their 30-day averages. PSI at 90.8 BEDROCK, but capital is voting with its feet.
PSI reads 90.8, its third consecutive day in BEDROCK after climbing steadily from 87.3 last Saturday. The surface looks pristine. But the tension regime persists because of what is happening underneath: USDC has shed $914.85M in seven days, its largest weekly drawdown since it sat 3% higher at its $79.58B peak on March 17. That money is going somewhere, and the yield data suggests where.
Yield Signal. USDS is paying 3.75% APY against a 30-day average of 1.5%. USDe offers 3.54% versus its 1.42% monthly norm. USDf is running at 5.93%, more than double its 30-day baseline of 2.28%. These are not subtle shifts; three coins collectively worth $16.55B have more than doubled their yield profiles in a month. Capital rotation out of USDC and into yield-bearing stablecoins looks less like a hypothesis and more like a ledger entry, especially with USDT accelerating in the opposite direction, adding $209.68M in a single day against just $89.74M over the prior week.
Peg Watch. BRZ remains the largest active depeg by market impact at 156 bps above peg on a $289.08M cap, earning its D grade with a peg score of 22. KAU sits at ALERT with a DEWS score of 45 on $359.62M, driven by price confidence at 75, the highest stress reading among coins with real capitalization. LUSD, freshly recovered from a 276 bps depeg that lasted 225 hours, just graduated from B+ to A. The market rewards survivors.