Executive Summary
USDM's DEX TVL fell from $33.37M to $124K in a day, dragging its grade from C to D. KAG and USDA also lost grades in 48 hours. PSI still reads 96.4 BEDROCK; the tail is doing the talking.
USDM lost 99.6% of its DEX TVL in a day, collapsing from $33.37M to $124K, and dropped from C to D on the safety scorecard. KAG followed B- to C- on $285.18M mcap; USDA slid C- to D on $270.84M, peg still 197 bps below par at 2,819 hours of age. Three grade demotions in 48 hours is not a pattern, but it is the same direction.
DEWS added two fresh ALERTs (AUDM, BUCK) and lifted three coins from CALM into WATCH. The band distribution moved from 93/69/7 to 98/64/7, so the headline count looks calmer while the tail gets louder. PSI sits at 96.4, twentieth straight BEDROCK day, with severity contributors capped at EURS's 381 bps on $8.36M mcap.
USDT crossed $189.77B, fractionally above its prior ATH, while total mcap drifts $90.94M lower on the week. Watch USDM next session: if TVL cannot recover above $1M, the liquidity score floors and the F-grade transition becomes mechanical. USDS yield sliding to 3.85% (vs 30d 5.87%) is the second tape to read if USD1's 0.91% print holds through Wednesday.