Executive Summary
$554M of YLDS float now sits on $7M of DEX depth, an 82% overnight haircut; four other names thinned in sympathy while PSI still prints BEDROCK.
YLDS DEX liquidity collapsed from $40.52M to $7.14M overnight, an 82% haircut against a $554.81M market cap that did not move. The score slid 65 to 53. bUSD0, USD0, FDUSD and USDH thinned in the same window; USDH gave back 31 points and now runs on $119K of pool depth against $51M of float. Five names, one direction.
PSI prints 91.5 BEDROCK because pegs are intact and severity is 0.13. The index measures price stability, not the ability to leave; a liquidity day like this exposes the gap between the two. A 77-to-1 ratio of float to on-chain depth is a working market until someone tries to size a sell.
USDG holds 5.27% APY with tvl-outflow flagged against a $2.60B book; PAXG prints 1.11% against a 30-day average of 8.34%. Watch USDG for a second session of outflows alongside the rate creep. If PSI falls to 89 or lower next snapshot, the frame shifts from regime to active deterioration.