Executive Summary
USDS dropped 8 liquidity points on $8.82B mcap, PYUSD shed 8 on $3.04B, RLUSD fell 10 on $1.70B. The model is reading second-tier pool stress across $14.9B, not capital flight. Next trigger: USDA crossing 200 bps off peg.
USDS lost 8 liquidity points to land at 69, while its TVL rose from $193M to $221M, the second consecutive session where pool depth and the model disagreed about what depth means. At $8.82B market cap, USDS is the largest name in today's degradation cohort, and that divergence is the kind that gets attributed to pool composition shifts rather than exit-capacity loss, until it isn't.
PYUSD slipped the same 8 points to 71 on $3.04B, RLUSD dropped 10 to 63 on $1.70B, and syrupUSDC fell 9 to 51 on $1.38B. Four names totaling roughly $14.9B in market cap all saw scores worsen in a single session, while USDf moved up 13 points on essentially flat TVL. The signal is second-tier pool composition stress, not capital flight.
PSI held at 95 BEDROCK, the 69th consecutive session in the top band, with severity contributors thin enough that EURS at 186 bps above peg leads the list. The forward question is USDA, currently 157 bps off peg after yesterday's pending widening flag; if it crosses 200 bps at tomorrow's snapshot, the regime frame tilts from documented quiet to active deterioration and the lead writes itself.