Executive Summary
USDD's depth score moved 29 to 46 while its TVL fell to $353K; three other mid-caps gained points alongside it. sUSDS lost 16 on $6B of float.
USDD's liquidity score jumped from 29 to 46 even as its DEX TVL fell from $440K to $353K, the kind of improvement that comes from concentration rather than capital. Three other mid-caps moved with it: USDG (61 to 69), syrupUSDC (52 to 64), USDf (49 to 57). sUSDS ran the other way, shedding 16 points on a $6.06B float while TVL barely budged at $95.55M.
PSI sits at 97 on a 54-day BEDROCK streak, with total mcap at $353.55B, three basis points off the Digest-window ATH set yesterday. The Bank Run Gauge collapsed from +63.9 to 6.5 NEUTRAL in 24 hours, the kind of normalization that makes a calm tape look stable rather than complacent. SUSD widened to 3598 bps and pmUSD to 1122 bps, both chronic and both ignored by the index.
USDA sits 157 bps below peg on $271M mcap, the unsuppressed depeg that matters; if it crosses 200 bps next session, the cross-source divergence inside its DEWS ALERT score of 38 stops reading as a footnote. PSI falling to 95 or lower would shift tomorrow's frame from regime to active deterioration.