Executive Summary
USDT mints in all seven sessions to a $189.67B ATH and sUSDS adds $5.79B, but USDM's DEX TVL falls from $33.37M to $124K and syrupUSDT depth halves. PSI 93.1 to 96.4 BEDROCK throughout. The tail did the talking.
PSI traveled 93.1 to 96.4 inside BEDROCK for all seven sessions, mcap climbed 2.55% to $338.21B, and the dominant band has not moved versus the prior week. The headline number is USDT printing in every single session, from +$3.17B on April 21 through +$2.54B on April 27, closing at a $189.67B all-time high on April 24. Underneath that BEDROCK label sat 211 blacklist events affecting $392.46M, up from 125 events and $10M the prior week.
Tether's mint cadence was the week's metronome. USDT topped the supply leaderboard on each of the seven days, totaling roughly $22.8B in fresh issuance, and the April 24 ATH coincided with two Tron freezes worth $212.92M and $131.29M while six DEWS ALERTs carried $3.99B. sUSDS layered on top with a $5.79B 7d gain on April 22 the same morning syrupUSDC bled $148.35M overnight, the kind of deposit gravity that explains a +2.53% mcap with no new entrants.
The counter-story lived in the tail. USDM's DEX TVL imploded from $33.37M to $124K in twenty-four hours on April 27, dragging the grade C to D alongside KAG and USDA losses in the same 48-hour window. USDf's depth fell 31% on April 25 against a $1.78B float, syrupUSDT's depth halved to $10M, and four yield-bearing stables trended negative in a single April 23 print, including USDS sliding to 3.78% from a 5.51% 30-day average.
The week-over-week deltas reframe the calm. Active depeg observations dropped 75 to 61 and unique signals 29 to 21, but blacklist USD jumped roughly 39x to $392.46M and grade transitions rose to 32 from 28. Bank Run Gauge midpoint flipped from -0.7 to +2.8, with DAI exiting CALM at $4.66B on pool balance drift while BUIDL ping-ponged WATCH and CALM near $2.80B. SUSD's chronic 4225 bps depeg at sub-$40M mcap repeated all seven days and contributed nothing new.
Next week will decide whether USDS's drift toward 3.85% accelerates the syrupUSDC-style outflows already visible, and whether DAI's pool balance drift produces a second WATCH score above 20 or reverts. Watch the $189.67B USDT level if Tron freezes keep clearing nine-figure batches, and OUSG's C to B- recovery at $600.18M for whether the tokenized treasury cohort re-rates with it.