Executive Summary
DUSD's DEX depth fell from $8.43M to $1.22M in 24h against $100.66M float, roughly eighty units of coin per dollar of pool. USDA's next trigger is 225 bps off peg.
DUSD's DEX depth collapsed from $8.43M to $1.22M in twenty-four hours, an 85% drawdown against $100.66M of circulating float. The liquidity score fell from 52 to 40. Eighty units of stablecoin per dollar of pool depth is not a ratio; it is a notice. Score-only liquidity moves usually want TVL corroboration, and this one arrived with both.
sUSDai lost eight points of liquidity score on essentially flat TVL, a softer version of the same picture across $288M of market cap. DEWS still flags HBD, EURR, and pmUSD at ALERT; pmUSD widened from 1560 to 1704 bps off peg overnight, and USDA crept from 127 to 190. Twelve active depegs, none yet large enough to break the BEDROCK frame.
PSI holds 94.6, its sixty-third straight day in BEDROCK, while seven-day mcap moved +$607M on a $352B base, indistinguishable from noise. The next deterministic trigger is USDA at 225 bps off peg; if it clears, peg stress overtakes regime stability as the lead story. XAUT and PAXG keep building reward-heavy yields, the kind of number that only looks free.