Executive Summary
USDTB's DEX liquidity score added 10 points on $870M of float; GHO matched it with $18.4M of fresh TVL. USDA drifted to 155 bps off peg, the fourth consecutive widening on a $271M name DEWS still flags ALERT.
USDTB's DEX liquidity score jumped 10 points to 71 on $870M of float, and GHO matched the move from 69 to 79 while adding $18.4M of TVL. Two mid-caps deepening exit capacity in the same session is not coincidence; it is the most coherent allocation signal of a scattered week, with stUSDS quietly tagging along at 41 to 52.
The counterweight is sUSDD, down 13 points to a score of 19 on $267M of market cap, with TVL essentially flat at $221K. Thin pools getting thinner is a structural fact, not a liquidity event. Three of the four notable depth shifts pointed up; the one that pointed down had nothing to defend.
Peg drift. PSI prints 94 with the BEDROCK streak at 37 days, but USDA has drifted to 155 bps below peg from 120 yesterday, a fourth consecutive widening on a $271M name DEWS still rates ALERT at score 40. Four USDA mini-depegs resolved inside 24h, each scraping 150 to 246 bps before snapping back. The band is being tested, not held.
If USDA prints 200 bps off peg in the next session, the chronic label gets retired for something more active. Watch whether GHO defends its 79 score tomorrow or hands the gain back; one-day liquidity reratings have a habit of being one-day events.