Executive Summary
USDF added $11M of TVL and lost ten points of liquidity score; sUSDS, USDD, RLUSD, and YLDS all eroded in the same snapshot.
USDF added $11M of TVL and lost ten points of liquidity score, finishing at 51 on $1.78B of market cap. Depth that grows while quality falls usually means one-sided pool drift. The same snapshot pulled sUSDS down 23 points on $43M drained, USDD down 29 points after its pool emptied to $436K, RLUSD down 16, and YLDS down 22 with TVL nearly halving. Five erosions in one print.
DEWS lists 16 coins at ALERT or above, up from 11, with cdxUSD, A7A5, and CASH joining WATCH on cross-source divergence and pool drift. USDS quietly minted $942M net into a 4.01% reward-heavy yield, the kind of supply impulse that pays for itself only while new entrants keep arriving. XAUT's 5.5% APY holds while its 30-day average sits at 7.51%, a cooling reward profile on $2.79B of market cap.
PSI dropped to 93.1 from 95.4, its lowest in 19 days of tracking; if it falls to 91 the regime frame stops describing this market and active deterioration takes over. KAG, twenty hours into a 267 bps slip on $295M of mcap, reaches 325 bps and the depeg desk has a confirmed signal rather than a watch.