Executive Summary
Bank Run Gauge flipped positive for the first time in 7 days as PSI dropped back to STEADY at 89.2. PYUSD shed $123.55M while PUSD lost 80% of its DEX TVL. Calm on the surface, plumbing underneath is rearranging.
PSI slipped to 89.2, its lowest since March 31, after three consecutive days in BEDROCK. The demotion back to STEADY is quiet but directional: severity remains low at 0.16, yet breadth pressure at 9.19 reflects 14 active depegs gnawing at the edges. More notable is the Bank Run Gauge, which swung from negative 14.5 to positive 26.5 in a single day, its first positive reading in the 7-day window. Something shifted in the plumbing.
Gauge Signal. The pressure data tells the story. PYUSD printed a net outflow of $123.55M yesterday, registering a pressure score of negative 100, while OUSG absorbed $25M at a perfect 100. That is not a bank run; it is a rebalancing with velocity. USDS, which added $765M over 7 days to sit just 0.4% below its all-time high of $8.95B, saw its daily supply reverse by $10.8M. The yield spike to 3.75% APY, more than double its 30-day average of 1.64%, has been pulling capital all week. Now the tap stutters.
Liquidity Cracks. PUSD lost 80% of its DEX TVL overnight, dropping from $2.73M to $533K, and its grade slid to C-minus with a liquidity sub-score of just 44. CUSD fell to D-grade on the same day it posted a perfect peg score of 100, a reminder that peg fidelity without liquidity is a locked door with no floor. BRZ remains the largest active depeg by market impact at 156 bps above peg on $288M, earning its D-grade with a peg sub-score of 22. These are not crises. They are the kind of hairline fractures that widen when the gauge keeps climbing.