Executive Summary
DAI slips CALM to WATCH on $4.60B, the only unsuppressed lead. ALERT roster doubled mid-week, syrupUSDC lost $11M depth, USDf burned $32M while score rose 44 points. WTGXX printed $958M for a 7th day. PSI 94.9 BEDROCK.
DAI's DEWS jump from CALM to WATCH on a $4.60B float was the only unsuppressed entry near the top of the weekly risk leaderboard, and that is what the week earned. PSI started at 96.6 and closed at 94.9, never leaving BEDROCK across all 7 days. The midpoint of 96.0 sits 0.8 above last week's 95.1, so the regime improved on paper while DAI quietly slid one band toward attention.
The dominant thread ran through 4 of 7 days as mid-cap exit capacity contracted in parallel. On 2026-05-21 the DEWS ALERT roster climbed from 5 to 9 coins inside 24 hours, ALUSD joined the elevated list, SUSD widened to 3252 bps below peg, and YLDS lost 86% of its DEX pool. syrupUSDC shed $11M of depth against a $1.40B cap the next day, then USDf burned $32M while its liquidity score rose 44 points to 61 on 2026-05-25. CUSD's WATCH to ALERT move at score 37 closed the pattern.
Almost nothing escalated above mid-cap; the max DEWS ALERT+ cap held at $416M all week. BRZ flipped WATCH to CALM at $397.68M before flipping back, crvUSD returned to CALM at $239.18M, OUSG climbed C to B- on $553.22M. Blacklist activity collapsed from 675 events and $65.36M last week to 133 events and $27.51M, with USDT on Tron's $10.94M sweep on 2026-05-22 doing most of the work alone.
Mcap drifted from $353.07B to $352.50B, a 0.16% move that says nothing. WTGXX printed the same +$958M every single day as the sole supply protagonist, an ATH the daily digests had to recite 7 times in 7 languages. USDA's D to F drop on 2026-05-22 and 2026-05-23 burned $270.84M of grade twice. Bank Run Gauge bottomed at -68.9 on 2026-05-23 against a midpoint of -11.4, 9 points worse than last week's -2.4.
The risk leaderboard reads like a fire drill staged in an empty building: 22 unique depeg signals, 84 active observations, almost all suppressed as chronic. Next week decides whether DAI's WATCH band survives a second snapshot or fades into scenery, and whether USD1's 2.43% APY at $4.77B mcap gets corroboration or reverts to its 1.04% trailing.