Executive Summary
FDUSD's liquidity score halved to 27, TUSD slid to 37, satUSD to 15; four mid-caps lost DEX depth in one session while PYUSD's APY spiked to 10.06% on a 2.26% baseline. Watch whether that yield sticks past tomorrow's snapshot.
FDUSD's DEX liquidity score fell from 48 to 27 on a $414.74M float, the sharpest single-day erosion among peers. TUSD slid 47 to 37, USDai 61 to 53, satUSD 29 to 15. Four mid-caps lost depth in the same session, a pattern that reads less like idiosyncratic pool drift and more like market makers quietly trimming inventory in stables nobody trades out of daily.
PSI printed 95.3, its lowest mark in six days, while DEWS watchers widened from 58 to 60 and AEUR dropped from grade D to F on a liquidity-erosion score of 85. The five ALERT-band coins now total $5.53B, carried almost entirely by USDe's $5.47B, whose mint/burn flow signal scores a full 100.
PYUSD's APY leapt to 10.06% against a 30-day average of 2.26%, flagged reward-heavy. If that spike holds through tomorrow's snapshot without a matching supply bump, it reads as subsidy, not demand. USDC's 6.74% tells the inverse story: a $78.21B float paying above its own 30-day average while supply bleeds $332M in a day is a yield nobody is showing up for.