Executive Summary
USDe drops to D grade at $5.83B on liquidity weakness, while USDC hits ATH supply and Circle freezes $7.59M in a single day.
PSI sits at 94.9, a 5-day BEDROCK streak now fraying at the edges after slipping a tenth of a point from yesterday's 95. The real tension lives not in the index headline but in the grade book: USDe, the $5.83B synthetic, just dropped from C+ to D with a liquidity score of 52 dragging down a near-perfect 99 peg mark. For a coin that size, a D grade is not a footnote.
Stress Signals. GYD escalated from ALERT to WARNING overnight, its DEWS score hitting 57 on a trifecta of cross-source divergence at 100, liquidity erosion at 95, and pool balance drift at 93. At $26.56M it is too small to move PSI, but the signal is structural: this is the fourth consecutive digest where GYD has appeared in the stress section. the Bank Run Gauge swung to 23.1 after reading 4.9 just one day prior, the sharpest single-day jump in the 7-day trajectory.
USDC is minting its way to a record, now $79.74B after adding $2.28B in seven days and sitting 0% below its all-time high. Yet Circle's compliance arm was busy too: 12 blacklist events froze $7.59M in a single day, with five Ethereum addresses accounting for $7.43M. The contrast between peak supply and peak enforcement is worth watching. USDC's 1-day flow actually reversed, showing a $1.04B contraction against the weekly gain, a tempo change that the gauge spike may already be pricing in.