Executive Summary
USDT at $185.80B, 1% from its December ATH, while USAT lost 98.5% of its DEX depth overnight. USDA prints 15.53% APY against a 1.25% baseline.
USDT added $1.66B this week to reach $185.80B, within 1% of its December 31 ATH. Total stablecoin market cap printed $330.78B, 0.20% above the Digest-window high. The aggregate reads steady; the tape does not. USAT's DEX depth collapsed from $12.00M to $172.80K in a single day, 98.5% of exit capacity gone on $149.72M in float.
PSI prints 96.3, tenth straight day of BEDROCK, with 5 depegs resolved against 9 still open. AEUR shifted WARNING to ALERT on liquidity erosion (score 39, $22.51M mcap); DAI moved WATCH to CALM at score 11 on $4.58B. The band counts barely moved, 106 CALM versus yesterday's 104, but the composition shuffled at the edges.
USDA is the asymmetry to flag: 15.53% APY against a 30d average of 1.25%, trading 197bps below peg on $270.84M float. A 12x yield spike paired with an open depeg is either incentive desperation or something the reward curve cannot carry. Next snapshot decides which. If USDT's 2.47% yield persists while TVL outflow stays flagged, the $187B ceiling gets tested on borrowed liquidity.