Executive Summary
Seven BEDROCK days, PSI 97.6, mcap $339.24B. sUSDS added $616M as RLUSD halved its depth on flat TVL and PAXG lost 21 points despite doubling its pool. Calm in aggregate, frayed in execution.
The week posted seven straight BEDROCK sessions, PSI midpoint 97.6 against last week's 95.1, and a 0.40% mcap drift to $339.24B. Unique depeg signals collapsed from 25 to 7, blacklist value from $394.65M to $53.95M, and the Bank Run Gauge midpoint sat at 0.1 versus 1.8 prior. By every aggregate measure this was Pharos's quietest week since early April, with PSI never falling below 97.1.
The thread across seven days was Sky's gravitational pull: sUSDS added $616.32M into the May 3 print, USDS itself accelerated $619.84M into May 1, and the complex still trades 11% below its April 1 ATH of $6.75B. The sUSDS liquidity score whipsawed from +10 (April 28) to +11 (April 29) to -11 (April 30) to +15 (May 3) and back to -15 (May 4), the kind of intraweek volatility that usually means a single venue is rebalancing rather than organic accumulation across sUSDS holders.
The counter-narrative was depth without drama: RLUSD's liquidity score halved from 60 to 40 on flat $88M TVL on May 4; PAXG doubled its TVL the same day and still shed 21 points; USDY fell from 45 to 35 on April 29 across a $2.13B float. Five mid-caps lost depth in a single May 4 session without a peg breaking. USDA sat 197 bps under on $267.96M all week and nobody minded. SUSD's chronic 4225 bps gap on $38M is now wallpaper.
Supply rotation supported the divide: USDT printed +$1.80B on April 28 while USDC bled $1.07B (April 30) and $823.57M (May 1), and USDe shed $941.19M on April 29. Yield anomalies favored USDS at roughly 3.74% reward-heavy across four sessions; USD1 still pays 0.73% on $4.51B while USDe halved from 5.15% to 2%. Capital chose Sky over USDC and USDe without a single fresh peg break above 200 bps.
Next week decides whether the sUSDS oscillation resolves into a sustained leg toward the $6.75B ATH or reveals itself as venue-specific churn. Watch RLUSD's score for a recovery above 50 and PAXG for a 60 retest; if mid-cap depth keeps eroding while PSI stays above 97, the divergence between aggregate calm and execution capacity becomes the actual trade.