Executive Summary
USDC added $516.72M in one day, parking the float 1% below its April ATH while USDS reversed $104.29M after a week of builds. Different incentives, opposite directions.
USDC added $516.72M in a single session, lifting the 7-day total to $977.19M and the float to $78.70B, exactly 1% below its April 11 ATH. Acceleration is the right word: yesterday's print more than doubles the trailing weekly pace. Ethereum absorbed $263.88M net on the chain side, doing most of the work alone.
The contrast inside the top tier is stark. USDS reversed, shedding $104.29M after a $348.66M weekly build, with APY at 3.78% versus a 30-day average of 4.06% and the reward-heavy flag still lit. Sky pays less and holders leave; Circle prints and holders take it. One issuer's incentive math just got tested in public.
PSI sits at 96.8, day 28 of BEDROCK, with EURS the only meaningful severity contributor at 513 bps on $8.43M. pmUSD remains 5284 bps off peg on $65.61M, and DEWS pushed the ALERT count to 8 from 6. If USDC clears $79.75B this week, the milestone reframes a quiet month; if USDS keeps reversing, the reward question turns into a flow question.