Executive Summary
PAXG at 6.42% APY, XAUT at 5.5%, both reward-heavy on multi-billion floats; Bank Run Gauge prints -53.3 STRESS while PSI holds 95.4 BEDROCK on day 52.
USYC, XAUT, and PAXG all surfaced new yield-anomaly flags today, with XAUT printing 5.5% APY and PAXG 6.42%, both reward-heavy on $2 to $3 billion floats each. USYC's 3.55% APY came with TVL outflow attached. Gold-pegged tokens advertising gold-equity yields is the asymmetry of the morning, and it priced through three separate issuers at once.
The Bank Run Gauge printed -53.3 STRESS while the Pharos Stability Index held 95.4 BEDROCK on day 52 of the streak. Ethereum mint/burn flows ran $312.97M net negative in 24 hours, with OUSG burning $10.27M and AUSD $3.59M against apxUSD's $15M addition. The composite indicator and the flow indicator disagree on whether today was a problem.
Liquidity scores moved on uneven foundations: USDD jumped 26 to 42 while its TVL fell from $451K to $348K, a $1.48B float endorsed by less than half a million in pool depth. RLUSD (+11 to 69) and sUSDe (+8 to 58) had actual TVL behind them. USDA narrowed to 155 bps off peg from 200; if it crosses back through 200 by tomorrow's snapshot, chronic stops being a sufficient label.