Executive Summary
sUSDS added $5.79B in seven days while syrupUSDC bled $148M overnight; Sky's savings vault is vacuuming balance sheets that used to sit elsewhere.
sUSDS added $5.79B over seven days, the largest weekly supply increase on the tape and effectively the protocol's entire current $5.79B float. Over the same stretch, syrupUSDC posted a -100 pressure shift against its 30d baseline, shedding $148.35M in yesterday's session alone. One yield product is gathering deposits; another is handing them back.
DEWS lists 4 ALERT coins totaling $4.70B of market cap, led by USDe at score 42 on supply velocity and mint/burn drift. Grade transitions split the room: USAT rose C- to B-, FDUSD C- to C+, USDP slid B+ to B-. Ethereum netted -$363.74M in 24h flow, most of it the syrupUSDC exit.
USDC's 5.69% borrow APY sits below both its 7d average of 6.58% and 30d of 6.4% with TVL outflow against $77.90B; Circle's money is cheap and getting cheaper. PSI at 94.5 BEDROCK frames a Bank Run Gauge that swung from -22.4 to -0.3 across the week. If sUSDS breaches $6B next session while syrupUSDC outflows persist, the Sky-Maple rotation reads as trend, not tremor.