Executive Summary
XAUT reversed its weekly outflow with a $22.36M single-day mint and 8.77% APY while KAG's 151 bps wobble drove 77% of PSI severity. Gold tokens are restless.
PSI slipped to 95.2, its lowest in 2 days and a hair below yesterday's 95.4, extending a subtle fade from Thursday's 96.2 peak. The 7-day BEDROCK streak holds, but the trajectory since April 10 reads like a coin rolling slowly toward a table's edge. the regime flags TENSION despite surface calm, and the Bank Run Gauge's week tells a jittery story: 15.5, then negative, then 23.1, then negative again, now settling at 7.6.
Gold Rush. XAUT reversed hard, printing +$22.36M in a single day against a negative $7.52M weekly trend. Its APY spiked to 8.77%, nearly 50% above the 30-day average of 5.95%, suggesting reward-heavy incentives are pulling capital into tokenized gold. KAG, the silver-backed stablecoin, slid from B to C+ as its 151 bps above-peg wobble contributed 77.4 of PSI's severity score on a $292M market cap. Precious metals tokens are doing something; the question is whether it reflects macro fear or just noisy arbitrage.
Quiet Erosion. USDe's D-to-C+ recovery on $5.83B of market cap sounds like good news until you note this is its third grade oscillation in a week, a coin perpetually negotiating with mediocrity. More quietly, YLDS shed 44% of its DEX liquidity in a day, TVL dropping from $9.36M to $5.21M on a $577M coin. USDS accelerated its bleed at negative $59.24M daily versus negative $45.93M weekly, while USDC sits at $78.88B, just 1% below its all-time high of $79.75B. Capital is concentrating, not dispersing.