Executive Summary
USDS yield fell to 3.78% from a 30-day average of 5.51%; four yield-bearing stables trend negative in one print, while syrupUSDT's DEX depth halved to $10M.
USDS yield printed 3.78% APY, down from a 30-day average of 5.51% and a 7-day read of 4.53%, on $8.27B outstanding. USDC follows the same curve at 5.60% versus 6.38%, RLUSD at 1.72% versus 3.91%. Four yield-bearing stables trend negative in a single session, which reads as category fatigue rather than any single issuer's problem.
syrupUSDT halved its DEX depth overnight, TVL falling from $18.84M to $10.00M against a $512M market cap; liquidity score 41 to 25. USDY dropped 9 points despite TVL climbing to $27.62M, a divergence that flags pool rebalancing over clean outflow. DEWS nudged DAI from CALM to WATCH on pool drift, while DOLA clawed back from ALERT.
PSI at 96.3 holds a 16-day BEDROCK streak, yet the Bank Run Gauge swung from -0.3 to -18.8 on one mint-burn print. If USDS yield sheds another 50 basis points next week, category compression hardens into an exit signal. Next trigger: syrupUSDT's $10M TVL floor. Break it, and $512M in float loses its last meaningful venue.