Executive Summary
DAI exits CALM on pool balance drift at $4.66B mcap; FDUSD, YLDS, RLUSD all lose DEX score on the same tape. PSI 96.5, BEDROCK day 19.
DAI's DEWS reading slid from CALM to WATCH at score 20, with pool balance drift the named driver on a $4.66B float. That makes it the largest coin to leave the calm band today, while BUIDL moved the other direction, WATCH back to CALM at score 11. The two largest tokenized RWAs traded places.
The liquidity board reads worse. FDUSD's DEX score collapsed from 46 to 26 even as TVL quadrupled to $4.80M, the kind of contradiction that usually means depth concentrated in one pool. YLDS lost 12 points to 52 while TVL fell from $46.78M to $10.23M. RLUSD slipped 9 points despite TVL ticking higher. Three mid-caps, three different versions of thinning exit capacity.
PSI sits at 96.5, BEDROCK day 19, with severity contributors that round to almost nothing. The forward question is whether DAI's score climbs toward the 30+ ALERT threshold at tomorrow's snapshot, and whether USDS at 3.88% APY (against a 30d average of 6.22%) keeps bleeding supply after yesterday's $290M redemption.