Executive Summary
WUSD fell B- to D in 48 hours as its liquidity score hit 15; PSI flatters its 65th BEDROCK day while five ALERTs hold $1.79B in market cap and USDA waits one tick from a 225 bps trigger.
WUSD dropped from B- (65) to D (49) in 48 hours on $11.25M of float, the entire move driven by a liquidity score collapsing to 15 while peg held at 100. Grades are lagging signals; this one moved fast enough to count as the day's most informative number. REUR oscillated B to C- to B- in the same window, which is what unstable scoring looks like when the underlying pool is thin.
The liquidity tape elsewhere split clean: USDY scored up 32 to 41 against $2.14B in market cap, and syrupUSDT doubled TVL to $21.64M; bUSD0 shed 16 points and USX nine. PSI stayed at 96.2 BEDROCK for a 65th day, the kind of streak that flatters the headline while microcollapses keep arriving on the C and D tier.
USDA holds at 190 bps off peg after yesterday's pending trigger; a print at 225 bps next session converts a chronic three-month wound into an active stress signal. JTRSY's 3.77% yield-spike against a 1.07% 30-day average is the second number to mark, because reward-heavy prints on $889M of float rarely stay quiet for a week.