Executive Summary
Twelve coins moved WATCH to CALM on DEWS, but PAXG's liquidity score fell 9 to 56 even as TVL doubled to $133.95M. Broad confidence up, specific exit capacity down. USDA still 197 bps below peg on $267.96M.
Twelve coins moved from WATCH to CALM on the DEWS board overnight, lifting the calm count from 100 to 112. The same session saw PAXG's liquidity score drop 9 points to 56 even as TVL nearly doubled to $133.95M, and YLDS shed depth to score 45 on $7.82M of TVL. Broad confidence improving, specific exit capacity not.
The asymmetry runs further. USDM's score climbed 21 points to 59 on TVL that quadrupled to $54.15M, bUSD0 added 20 to land at 55, USDD nudged from 29 to 39. PAXG is the contrarian print: more dollars in the pools, lower distribution score. That usually reads as concentration, not depth.
USDA still anchors the DEWS ALERT list at score 36, sitting 197 bps below peg on $267.96M, alongside SUSD's chronic F-grade carcass at 4225 bps. PSI prints 98 on day 25 of BEDROCK, EURS the lone severity contributor at 466 bps. If PAXG's score breaks below 50 next session while TVL holds above $130M, concentration becomes the structural read. Watch USDS yield at 3.49%, already 57 bps under its 30d average and the loudest of four reward-heavy momentum flags.