Executive Summary
sUSDS gained $616M over seven days as its DEX liquidity score jumped 54 to 69; market cap still sits 11% below its April 1 ATH of $6.75B.
sUSDS led the week with a $616.32M supply increase, lifting it to $6.00B and pulling its DEX liquidity score from 54 to 69 in a single day. The move sits inside Sky's broader incentive engine: USDS still pays 3.74% APY against a 30d average of 4.06%, reward-heavy and softening. sUSDS remains 11% below its $6.75B April 1 ATH, so the climb is a recovery, not a breakout.
PSI sits at 97.1 in BEDROCK, a 26-day streak, with severity carried almost entirely by EURS at 3,455 bps off peg and a freshly downgraded F grade. DEWS shifted BtcUSD from WATCH to ALERT on cross-source divergence, while BRLA, EURm, CUSD, and EURC each slid CALM to WATCH. Six ALERT names against 108 CALM is a thin warning layer, but it is thickening.
On-chain, ethereum absorbed +$377.34M net, with apxUSD and syrupUSDC each printing +100 pressure scores against their 30d baselines while USDe shed $6.95M against a tvl-outflow tag at 4.74% APY. If USDe's yield slips below its 4.82% 30d average while TVL keeps draining, the reward-heavy cohort starts looking less like generosity and more like a bid for stickiness.