Executive Summary
USD0 jumped 15 liquidity points and bUSD0 jumped 13, both on flat TVL. On the same screen USDD's pool TVL collapsed 97% against a $1.53B float. Opposite directions, same bracket.
USD0 climbed from a 42 to a 57 DEX liquidity score on essentially flat TVL ($10.56M to $10.62M), and sibling bUSD0 followed 36 to 49 with TVL pinned near $7.7M. That is a $555M and $504M float, respectively, getting marked up by composition rather than fresh capital. Pools rebalanced toward healthier curves while the cash side stayed still.
The contrast on the same screen: USDD's score cratered from 52 to 20 as on-chain TVL fell from $5.15M to $164K, against a $1.53B market cap. A 97% pool evaporation on a billion-dollar coin is not allocation rotation; it is exit capacity being withdrawn. Two stablecoins in the same mcap bracket moved opposite directions in a single session.
PSI held at 96.6 [BEDROCK] for a 56th day while DEWS pushed ALUSD into ALERT at score 38 and USDA's 169bp drift sat 31bps below its 200bp trigger. If USDA tags 200bps at tomorrow's snapshot, the four resolved USDA depegs in the last 24 hours stop reading as noise and start reading as a cadence.