Executive Summary
RLUSD's liquidity score collapsed from 60 to 40 on flat $88M TVL while PAXG doubled its TVL and lost 21 points anyway. Five mid-caps lost depth in one session without a single peg breaking.
RLUSD's liquidity score fell from 60 to 40 in one session while TVL barely moved from $88.15M to $88.81M, meaning the depth that vanished was concentrated rather than withdrawn. At $1.55B market cap, that score cut leaves Ripple's stablecoin with the thinnest exit ramp it has posted this quarter. The peg still prints clean.
The same session saw PAXG drop 21 points to 50 even as its TVL doubled to $142.23M, an inversion that says new pools opened in places real volume cannot use. YLDS halved its TVL to $7.82M and lost 19 score points. U slipped to 39. Five mid-cap names lost depth simultaneously without a single peg breaking.
DEWS pushed three coins straight to ALERT in 24 hours: ALUSD, AUDF, and AUDM. PSI holds at 97.1 on a 27-day BEDROCK streak, the kind of headline number that tells you nothing about whether RLUSD can absorb a $20M sell tomorrow. If RLUSD's score does not recover above 50 by the next snapshot, the active depeg list gets an eleventh entrant.