Executive Summary
USDY's liquidity score fell from 45 to 35 on a $2.13B market cap; sUSDS gained, FDUSD fell harder, and the yield cohort keeps drifting below its 30-day baselines.
USDY's liquidity score fell from 45 to 35 as TVL slid from $24.64M to $22.18M against a $2.13B market cap. That depth-to-cap ratio sits near 1%, the margin where a single redemption decides the session. FDUSD's score collapsed harder, 38 to 23, but on $407M of float the stakes are smaller.
The countervailing print: avUSD's score jumped 38 to 61 while TVL collapsed from $12.36M to $1.34M, a scoring artifact, not improvement. Genuine improvement showed at sUSDS, 51 to 62 with TVL flat near $93M. PSI holds 98.1 for a 22nd straight BEDROCK day, severity zero, breadth 1.04.
Yield momentum points the other way. USDS at 3.48% trails its 30-day average of 4.11%; USD1 prints 0.76% versus 1.22%; XAUT runs 8% against a 6.42% baseline. If USDS drops below 3.4% next session while USD1 stays sub-1%, the reward-heavy cohort reads less like incentive design and more like thinning demand.