Executive Summary
pmUSD held 5568 bps below peg for three straight days while USDC posted +$1.69B on May 7 alone. PSI drifted 96.8 to 93.1, BEDROCK throughout. Chronic enough to define the week, small enough to leave the regime untouched.
pmUSD held its 5568 bps gap to the dollar for three consecutive sessions, May 5 through May 7, while mcap climbed from $65.61M to $89.68M, generating an impact score of 499.4 that owned the weekly leaderboard outright. PSI drifted from 96.8 on Tuesday to 93.1 by Sunday, the band staying BEDROCK throughout, which is the dashboard's polite way of saying a 5568 bps depeg on $90M of float is too small to move a $342B regime. By Friday pmUSD had narrowed to 1946 bps on $82.73M mcap, the first softening in 103 hours.
USDC ran the conveyor belt. The token printed as the largest weekly mover on five of six sessions: +$1.69B on May 7, +$1.61B on May 9, +$1.40B on May 6, +$1.20B on May 8, and +$977M on May 5, capped by a mint/burn intensity of 100 and $726.77M net on May 6. Tuesday's digest framed USDC as knocking on the April ATH; by Sunday the float had cleared it.
The counter-narrative was USDD's rented depth. DEX score collapsed to 29 on $429K of TVL backing $1.47B mcap on May 7, leapt to 58 on $7.53M of TVL the next day, then surrendered 29 points by May 10. The 4.05% reward-heavy APY identified the tenant; nobody pretends $7.53M is organic on a $1.47B float.
Mcap closed at $342.05B, +0.42% intraweek and +0.83% versus prior week. Unique depeg signals doubled from 11 to 21 even as active observations fell from 79 to 64, the inverse of last week's shape. Blacklist events dropped to 80 from 146 with $57.46M affected, mostly USDT on Tron led by a single $9.43M strike on May 5. RUSD slipped C to D on May 9 at $249.92M mcap; wM round-tripped D to B- to D on May 6, a $93.94M chair-swap inside 24 hours.
The Bank Run Gauge swung from -31.3 on May 9 to 73.6 elsewhere in the same six days, a 105-point range that rarely closes without someone catching a finger. Next week will decide whether pmUSD's narrowing to 1946 bps holds or relapses past the 6425 bps trigger flagged Wednesday, and whether USDC's conveyor produces a seventh consecutive top-mover print on a float already cleared of its April high.