Executive Summary
DAI tripped the same CALM-to-WATCH band five days after the first attempt; WisdomTree's WTGXX printed $958M from a standing start in seven days. Two different stories, one quiet regime.
DAI slid from CALM to WATCH on a pool balance drift score of 18, the second time in seven sessions that the largest decentralized stablecoin has tripped the same band. Five days ago we ran the same headline; the signal registered, faded, and returned. $4.60B of mcap now sits in WATCH on a driver that does not resolve through marketing.
WisdomTree's WTGXX printed $958M in seven days from a standing start, the largest weekly supply move on the board and a fresh ATH at the same price as inception. That is what a tokenized money market fund looks like when distribution actually lands. XAUT yield collapsed to 0.76% against a 3.14% seven-day average, while JTRSY spiked to 6.64% on $865M of float, both numbers that flag reward mechanics over demand.
PSI sits at 94.5 BEDROCK on a 66-day streak, last lower 15 days ago. The recurrence in DAI is the more telling number than the index. If DAI stays in WATCH at tomorrow's snapshot rather than oscillating back to CALM, the pool balance driver becomes a persistent pattern rather than noise; USDA's drift toward 225 bps is the second clock running.