Executive Summary
7 BEDROCK sessions masked USAT -98.5%, USDD -72%, YLDS -82% DEX TVL. USDT added $10.65B. Next week tests whether USDA's 15.53% and PYUSD's 10.06% APY resolve or drag more coins out.
Seven BEDROCK sessions, PSI running 95.2 to 97.5 and back to 95.3, mcap up 0.21% to $329.79B. The aggregate read looks placid: blacklist USD collapsed from $56.31M to $9.59M week-over-week, Bank Run Gauge midpoint dropped to 0.1 from 8.3, unique depeg signals fell from 32 to 25. Calm headline, uneven interior.
The thread of the week was mid-cap liquidity evaporation. USAT lost 98.5% of DEX depth on the 17th, USDD lost 72% on the 16th on a $1.54B coin, YLDS shed 82% of DEX TVL on the 19th while $588M in float stayed parked. On the 20th, FDUSD's liquidity score halved to 27, TUSD fell to 37, satUSD to 15, four mid-caps losing depth in one session. The room kept emptying even as the float stayed locked inside it.
The counter-narrative came from USD1, which nearly doubled DEX liquidity to $92.29M on the 15th while yield halved to 0.8%, organic depth rather than yield-bait. USDe graded D to C+ on the 14th and C- to C+ on the 18th across $5.83B of float. A7A5 ran the other way, CALM to ALERT on price confidence at $553M.
Supply flows came from the top. USDT printed +$1.37B, +$1.66B, +$2.33B, +$2.50B, +$2.79B across the last five sessions, a $10.65B add that pushed it within 1% of December's ATH at $185.80B. USDC added $1.10B and $1.02B on the 14th and 15th. The chronic USR 9025 bps and SUSD 4225 bps depegs remained parked in the corner, $20M and $38M respectively, too small and too stale to move the week.
Yield anomalies are the forward trigger. USDA printed 15.53% APY against a 1.25% baseline on the 17th, PYUSD spiked to 10.06% against 2.26% on the 20th, USD1 slid to 0.83% APY with a negative trend four sessions running. Next week decides whether those APY spikes resolve cleanly or drag another mid-cap through the USAT-YLDS door.