Executive Summary
USD1 pays 0.73% APY on $4.51B; USDe halved from 5.15% to 2% in a week while XAUT still sprays 8%. PSI at 97.7 says peg hasn't noticed. Next trigger: USD1's 7d average crossing below 0.5%.
USD1 prints 0.73% APY on $4.51B of float, with the 30-day average drifting from 1.13% to a seven-day 0.78%. A negative-trend tag on a stablecoin that large means holders are being paid in atmosphere. USDe's number is uglier in motion: 2% APY against a 5.15% seven-day mean and 5.02% over thirty days, a reward roughly halved inside a week.
XAUT sits at the opposite pole, 8% APY versus a 6.25% thirty-day baseline, reward-heavy on $2.72B of gold-backed supply. USDS at $8.43B pays 3.31%, also reward-heavy, also trending down from 4.08%. Two issuers are pulling subsidies while one still sprays them, and PSI at 97.7 logs its 24th consecutive BEDROCK day, so none of this has touched peg integrity yet.
USDe's supply already flipped, +$9.81M over 24h against -$34.56M for the week, a small reversal that hardens if the 2% print survives another session. Next trigger: whether USD1's seven-day yield average crosses below 0.5% before week's end. A $4.5B book paying sub-1% has a half-life, and that line is where the math stops being academic.