Executive Summary
PSI holds STEADY for a 4th day at 89.6, but USDS, USDe, and USDf are all doubling 30-day yield averages in a capital bidding war worth watching.
PSI slipped 0.1 to 89.6, holding STEADY for a fourth consecutive day, but the week's arc tells a sharper story: three days of BEDROCK through April 3, then a clean drop to STEADY on the 4th that has not reversed. The Bank Run Gauge collapsed from 26.5 to 0.8 in 48 hours, which sounds healthy until you notice 11 DEWS coins migrated from WATCH to CALM in a single session. That much simultaneous relaxation, including crvUSD, CUSD, and BOLD, reads less like resolution and more like the market exhaling before it decides what to do next.
Yield Magnet. USDS added $589.73M in seven days, pushing to $8.91B, just 0.4% below its all-time high. The gravitational pull is obvious: 3.75% APY, double the 30-day average of 1.86%. USDe mirrors the pattern at 3.54% versus a 1.75% trailing average, and USDf is the most aggressive at 5.82% on $1.74B. Three major yield-bearing stablecoins simultaneously doubling their 30-day averages is not a coincidence; it is a bidding war for capital, and DAI's $10.62M single-day outflow against a $76.59M weekly gain suggests the arbitrage is already cycling.
USDA's slide from C to D with a liquidity score of 43 on $266.58M is the only grade transition worth naming. BRZ persists at 156 bps above peg, an F-rated $288.57M coin driving 74.7 of PSI's severity score, basically the entire reason the index isn't back in BEDROCK. Four days of STEADY calm, three yield sirens blaring, and one Brazilian real stablecoin keeping the lights amber. Something will give.