Executive Summary
syrupUSDC lost $11M of DEX depth against a $1.40B cap; the liquidity score fell from 57 to 48 while USD1's 2.43% APY waits on corroboration.
syrupUSDC's DEX liquidity score dropped from 57 to 48 as TVL fell from $53.05M to $41.67M, a 21% haircut against a $1.40B market cap. That depth-to-mcap ratio now sits near 3%, the kind of asymmetry that makes the headline number look like an opinion rather than an exit. USD0 trailed with its own slip, 58 to 50 on $554M outstanding.
DEWS holds five ALERT names, with CUSD promoted on liquidity erosion while pmUSD and SUSD churn on cross-source divergence. USD1 printed a 2.43% APY against a 1.01% 30-day average, a spike on $4.77B of float that wants corroboration from supply or TVL before it earns a verdict. USDA cleared its overnight depeg and reopened at 171 bps, the candidate that refuses to stay buried.
PSI at 96.1 extends the BEDROCK streak to 59 days, unbothered by any of this. If USDA reaches 200 bps off peg next session, the chronic frame stops applying and peg-stress moves to the lead slot. The second tripwire is USD1: a second day above 2% APY without flow confirmation turns a yield warning into an incentives question.