---
title: "USDf Score Up, TVL Down"
canonical: "https://pharos.watch/digest/2026-05-25/"
datePublished: "2026-05-25T08:09:15.000Z"
description: "USDf's liquidity score rose 44 to 61 while pool TVL fell 43% and $32M burned out. The model and the cash desk are looking at the same coin and disagreeing."
---

# USDf Score Up, TVL Down

## Executive Summary

USDf's liquidity score rose 44 to 61 while pool TVL fell 43% and $32M burned out. The model and the cash desk are looking at the same coin and disagreeing.

## Extended

USDf's DEX liquidity score climbed from 44 to 61 yesterday while pool TVL fell from $25.51M to $14.47M, a 43% drop. The improving score and the shrinking pool describe the same $1.78B asset and disagree about it. Mint/burn flows show $32.37M leaving USDf in 24 hours, the worst single-day burn on the top pressure-shift list.

The arithmetic is awkward: holders are exiting, but whatever the model weights (pool balance, concentration, depth ratios) registered as healthier on a thinner book. A coin losing almost half its on-chain exit capacity overnight is normally a worsening tape. The score went the other way. One of them is wrong about what exit capacity means for someone actually trying to use the door.

**Calm Around It** PSI prints 94.9, the lowest reading in 11 days but still 62 days into a BEDROCK streak; 169 coins sit CALM in DEWS against 6 ALERT. USDA narrowed to 127 bps off peg, and WTGXX added $958M this week, an allocation story rather than a peg story. If USDA widens to 175 bps tomorrow that calm reading stops mapping; if USDf's TVL keeps draining on a rising score, the next session decides which gauge the desk should trust.