Executive Summary
USDe toggled D to C+ and back to D in 48 hours on $5.83B. USDC shed $837.68M in a day after gaining $1.30B on the week. PSI reads 96.2 BEDROCK; the gauge reads 19.7 and twitching.
PSI climbed to 96.2, its highest reading in 7 days of tracking and the second consecutive day in BEDROCK after five straight sessions in STEADY. The surface is serene, but the tension label comes from what is churning underneath: USDe, the $5.83B synthetic dollar, toggled from D to C+ and back to D within 48 hours, its grade oscillating while peg and liquidity scores sit frozen at 99 and 93 respectively. A coin that large flickering between grades is not a rounding error; it is a scoring system trying to make up its mind about resilience data it cannot fully see.
Gauge Whiplash. The Bank Run Gauge tells a more interesting week than PSI alone. It swung from 26.5 on April 3 to 0.8 on April 5, back to 15.5 on April 7, dipped negative on April 8, then surged to 19.7 yesterday, all without triggering Flight-to-Quality. BUIDL bled $25.41M in a single day, enough to push its DEWS band from CALM to WATCH, and CUSD lost $6.90M to earn the same promotion. GYD remains the lone WARNING at score 57 on $26.56M, driven by triple signals: cross-source divergence at 100, pool balance drift at 93, and shaky price confidence.
Supply Crosscurrents. USDC added $1.30B on the week but reversed hard yesterday, shedding $837.68M in 24 hours, the kind of single-day drawdown that leaves its $78.51B market cap just 1% below its all-time high of $79.63B. The reversal pattern is contagious: USDS, DAI, and PYUSD all flipped from weekly losers to daily gainers, as if capital briefly remembered where it left the yield. DOLA's APY spiked to 5.91% against a 30-day average of 2.03%, and XAUT printed a 9% daily yield on $2.64B, five times its weekly average of 1.52%.