Executive Summary
DEX liquidity scores for USDT, USDC, and DAI all cratered in one session while PSI drifted to 88.3, its lowest in 9 days. Depth is leaving before price does.
PSI slipped to 88.3, its lowest in 9 days and a full 2.5 points below Thursday's 90.8 peak, the third straight day of post-BEDROCK erosion. But the real story is underneath the peg numbers: DEX liquidity scores cratered across every major coin simultaneously. USDT dropped 25 points to 61, USDC fell 19 points to 69, and DAI shed 13 points to 61, all in a single session. When the three largest stablecoins collectively lose depth like that, it is not a coincidence; it is a withdrawal.
Peg Watch. BRZ, at 156 bps above peg with a $300M market cap, remains the largest source of PSI severity at 92.1 impact, and its DEWS score just escalated from CALM to WATCH on pool balance drift. the DEWS ALERT tier swelled from 6 to 8 coins, with DUSD climbing from WATCH to ALERT on cross-source divergence. USR sits at ALERT 44 with a perfect 100 on both mint/burn flow and cross-source divergence, which is the kind of score you earn right before something interesting happens.
Structural Cracks. Tether's blacklist engine burned $25.17M across five Ethereum destructions in 24 hours, the kind of quiet enforcement that rarely makes headlines but reshapes supply at the margins. USDA, the largest coin to downgrade this cycle, fell from C to D at $266.58M, its liquidity score of 44 dragging an otherwise passable peg of 74 into mediocrity. XAUT yields collapsed from a 30-day average of 5.93% to 0.95%, while supply accelerated its decline by shedding $9.69M in a single day against $17.67M for the week. Gold-backed stablecoins are losing both capital and conviction at the same time.