Executive Summary
USDG added $778M in 24 hours, three-quarters of its $1.01B weekly haul. One issuer is doing fifteen percent of the work.
USDG minted $778M in the last 24 hours, more than three-quarters of its $1.01B weekly print, the kind of step-function move that names an allocator rather than a market. Paxos's coin has now added a billion in a week against a tape that grew $6.79B in seven days; one issuer accounting for fifteen percent of net stablecoin growth deserves a name, even when nothing is breaking.
Sky's pair traded sides: USDS minted $221M while sUSDS burned $380M, accelerating an outflow that has now run $219M over the week. The rotation nets negative once you stop counting the wrapper twice. USDe's APY printed 12.02% against a 5.6% baseline on $3.97B of float, with yield-spike and yield-divergence flags firing together, a pattern Ethena has produced in both reward turn-ons and basis dislocations.
PSI held at 93.6 on a 35-day BEDROCK streak while the Bank Run Gauge dropped from -7.9 to -32.7, its deepest CAUTIOUS print this week. Two indicators disagreeing about the same market is what TENSION looks like on a quiet chart. USDA sits 109 bps off peg with a 150 bps trigger; if it widens there at tomorrow's snapshot, the gauge stops being background noise.