Executive Summary
USDf's DEX depth collapsed 31% in a day, $20.56M to $14.19M against a $1.78B float, while PSI held 94.3 BEDROCK. The only stablecoin with a real exit problem hid behind a calm tape.
USDf shed 31% of its DEX TVL in a single day, $20.56M down to $14.19M, dragging its liquidity score from 63 to 55 against a $1.78B float. The math is unflattering: roughly 0.8% of supply now sits in pools meant to absorb redemptions. Anyone running for an exit at scale will be paying for the privilege of leaving.
The rest of the tape stayed quiet. PSI printed 94.3, an eighteenth straight BEDROCK day, with severity at zero and only EURS contributing meaningful peg pressure at 211 bps on $8.44M of float. USDT tacked on $3.05B over the week to land at $189.66B, a fresh ATH that arrived without drama. BUIDL exited WATCH back to CALM on price-confidence repair.
Yield candidates queued behind the headline: USDS at 3.79% APY against a 30-day average of 6.55%, USD1 at 0.77% against 1.41%. If USDf's TVL cannot reclaim $18M by the next snapshot, the liquidity score moves into the band where redemption pressure stops being theoretical. Watch whether USDS yield compression drags supply with it next session.