Executive Summary
+$1.29B in seven days equals spUSDT's full market cap. Liquidity board reshuffled, LISUSD's pool drained 74%, PSI held 96.3. Watch USDA: 175 bps now, 225 turns it directional.
spUSDT logged +$1.29B over seven days, a figure that happens to equal its entire market cap. Spark's USDT wrapper went from zero to the week's largest supply mover with the ATH set five days ago on 2026-05-22, and registered no dent in PSI, which holds 96.3 on day 64 of the BEDROCK streak.
Liquidity scores reshuffled in both directions. sUSDS climbed 37 to 46 on $6.21B mcap, USD0 jumped 43 to 60, bUSD0 ran 36 to 51 on barely-changed TVL across all three. The countervailing print is LISUSD, which shed 28 points of score while its pool drained from $17.51M to $4.62M overnight. USDf lost 13 points to 48 with TVL flat, the same divergence into a second day.
DEWS still flags five ALERT coins, with pmUSD chronic at 1520 bps off peg, narrowed from 1704. USDA tightened to 175 bps; if it widens back to 225 next snapshot, the trigger fires and the print stops being chronic, starts being directional. PAXG's 6.79% APY runs 20 bps above its 30-day average on $2.11B of float, reward-heavy gold being the kind of asymmetry that resolves one way.