Executive Summary
USDT yield at 2.42% is 16% above its 30d average while TVL flows outward; USDD lost 72% of its DEX liquidity overnight on a $1.54B coin.
PSI sits at 97.5, its 9th straight day in BEDROCK, while the total stablecoin market pushed to $330.13B after adding $2.50B in a week. The placid surface conceals a tension worth naming: USDT yield climbed to 2.42%, now 16% above its 30-day average of 2.08%, even as TVL flows point outward. When the biggest coin in the room pays more while liquidity quietly exits, someone is buying time.
Yield Signal. USDT added $1.37B in supply this week, nudging its $185.48B market cap to within 1% of its December all-time high of $187.31B. That rising yield against outflow is a pattern worth monitoring, not panicking over. Elsewhere, syrupUSDT posted a net $99.17M inflow in 24 hours, scoring a perfect 100 on pressure shift, the kind of routing that suggests capital hunting for wrapper premiums rather than safety.
Peg Watch. USDD's DEX liquidity score dropped from 46 to 36 overnight as on-chain TVL collapsed from $1.91M to $526K, a 72% drawdown for a $1.54B coin. That ratio of market cap to exit capacity is now firmly lopsided. DAI, by contrast, quietly stepped down from WATCH to CALM on DEWS, its stress score falling to 14 as $4.58B in market cap shed its last pool-balance jitters. The DEWS board added a net 6 coins to WATCH and 1 to ALERT, but the new entrants, CADC, AUDD, BtcUSD, carry combined market caps under $30M. Tension lives in the yield curve and the liquidity gaps, not the headline count.