Executive Summary
PSI vaulted from 88.3 to 95.5 in a week. The 85 depeg events and 26 grade transitions underneath say BEDROCK is working overtime.
PSI climbed from 89.6 to 95.5 over seven days, crossing from STEADY into BEDROCK on April 8 and never looking back. The 88.3 trough on April 7, its lowest in 9 days, now reads as the week's inflection point rather than its thesis. Six consecutive BEDROCK sessions is a streak worth respecting, but 85 depeg events, 149 blacklist actions, and 26 grade transitions tell you the foundation is load-bearing more weight than the headline suggests.
The week's dominant thread was a liquidity reshuffle that started violently and never really settled. April 7's "The Liquidity Drain" saw DEX depth scores for USDT, USDC, and DAI crater simultaneously, the kind of synchronized withdrawal that usually precedes something uglier. Instead, PSI snapped from 88.3 to 94.6 in 48 hours, the sharpest BEDROCK return on record per the April 9 digest. Capital did not leave the ecosystem; it migrated. USDP's DEX TVL exploded 84x while satUSD's collapsed 98%. LISUSD's pool quadrupled to $18.57M overnight on April 11 as USDH lost 75% of its liquidity. The plumbing did not break. It rerouted.
USDe was the week's cautionary tale, toggling between D and C+ grades on $5.83B in market cap. April 10's "USDe Can't Pick a Lane" captured the instability; April 12's "USDe's Quiet Demotion" confirmed it. A coin that large stuck at D-grade on liquidity weakness is not a rounding error. GYD spent the week at WARNING with a DEWS score bottoming at 57, and 5 coins jumped to WATCH status in Sunday's single session. The Bank Run Gauge swung from negative 6.7 to 23.1, a 30-point range that BEDROCK is supposed to make boring.
Total stablecoin market cap added $2.73B to reach $329.61B, a modest 0.83% gain that masks the churn beneath. USDC was the week's protagonist on the supply side, adding roughly $1.30B before shedding $837.68M in a single April 10 session, finishing within $110M of its all-time high supply. Circle froze $7.59M on April 12 alone, accounting for a significant share of the week's 149 blacklist events. GHO's TVL jumped 27% on April 8 in what looks like opportunistic positioning during the STEADY-to-BEDROCK transition.
The structural read is straightforward: PSI is pricing stability while the microstructure is pricing rotation. When the three largest stablecoins lose DEX depth in unison and the index recovers anyway, either the index is right and liquidity found better venues, or the index is lagging and the next STEADY visit will be less polite. Six days of BEDROCK bought with 26 grade transitions is a trade-off that bears watching into week 16.