Executive Summary
FDUSD slid B- to C on a liquidity score of 27, a rare top-thirty downgrade; scrvUSD, sDAI, and sfrxUSD all moved the other way the same night. PSI holds 96.3 for a 53rd day.
FDUSD lost a grade overnight, slipping B- to C on a peg score of 98 against a liquidity score of 27. The downgrade puts a $393M stablecoin alongside USDA at C-tier, not the cohort it once kept. Three other transitions ran the opposite way the same session: scrvUSD C+ to B+, sDAI C+ to B, sfrxUSD C to B-, and msY clawed F to D.
Around that one rerating, the broader tape behaves. PSI prints 96.3 BEDROCK for a 53rd straight day, severity 0.03, with JPYC at 1937 bps and EURS at 321 bps the only names contributing. Total mcap holds $353.46B, fractionally above the Digest-window ATH set yesterday. SUSD's depeg widened from 3388 to 3539 bps, the sole worsening on a chronic list of twelve.
Watch USDA next session: 165 bps off peg today, 35 bps from the 200-bps line that promotes it from chronic ornament to active stress. FDUSD's liquidity score of 27 is the other number that matters; another slip there, and the four reward-heavy yield flags (USYC, XAUT, PAXG, USDD) read as the second act, not the first.