Executive Summary
SUSD touched 7,233 bps below par on $14.55M float while pmUSD held a 3,400 bps marathon for seven straight sessions. USDC bled $819M, USDT shed $2.44B across two days, PSI stayed BEDROCK. The week's stablecoins were neither.
SUSD topped the weekly leaderboard at 7,233 bps below par on Saturday, a $14.55M float changing hands at roughly 28 cents on the dollar while PSI held a BEDROCK 91.1 midpoint across the week. Calling that a stablecoin requires the kind of generosity that bankruptcy court tends to discourage. Synthetix's legacy dollar closed Monday still 6,646 bps underwater on $17.60M, having clawed back 710 bps on the 14th without changing the basic arithmetic.
pmUSD ran the parallel marathon, never escaping a 3,421 to 3,480 bps band across all seven sessions on $61M to $66M of float. The June 11 narrowing to 2,998 bps lasted exactly one day before June 12 widened back to 3,227, and Sunday's 3,464 bps is statistically indistinguishable from Tuesday's 3,470 opener. Four daily impact scores above 211 means the market kept reweighing the same trade and reaching the same answer.
Liquidity told the contrarian story. YLDS lost 82% of its DEX depth on June 13, leaving $554M of float to negotiate with $7M of book. syrupUSDC gained 16 liquidity points on June 11 while RLUSD swung from +11 to -10 inside 48 hours. apxUSD demoted from ALERT to WATCH at $396.48M, the only structural improvement worth naming, while A7A5 cycled CALM-WATCH-CALM-WATCH on $590M of mcap like a stuck thermostat.
Total mcap shed $2.82B to $343.31B, down 0.81%, which understates the rotation. USDT bled $1.29B then $1.15B on June 9 and 10; USDC followed with $971M and $819M exits, leaving Circle at $74.86B, 6% below April's high. WTGXX absorbed $958M twice and JAAA pulled $684M on June 14, which is what tokenized treasuries look like when fed by spot stablecoin redemptions. Blacklist activity collapsed from $62.57M prior week to $11.12M, the lightest Tether enforcement in over a month.
The Bank Run Gauge midpoint climbed from -10.1 to +4.3 week over week, the first positive print in this series, while grade transitions cooled from 27 to 25. Next week decides whether SUSD holds above the 6,000 bps line or rejoins the 7,000s, whether pmUSD finally trips the 4,000 bps trigger flagged on June 9, and whether USDC extends a second consecutive $800M outflow or stalls near the $74.86B handle.