Executive Summary
$819M out of Circle in seven days, $74.86B left on the books, 6% below April's ATH. Yield pages flag USDG, JTRSY, PAXG without corroboration. PMUSD still 3,464 bps underwater.
USDC contracted $819M over seven days, leaving $74.86B on the books and 6% below the $79.75B ATH set April 11. The 1-day pace decelerated to -$30M, the kind of slowdown that flatters a chart without changing the trajectory. Circle's record weekly swing remains $6.55B from 1,186 days ago; this is not that, just the largest contraction in the current candidate set.
Yield Pages. The yield tape carries the secondary story. USDG runs 5.49% APY against a 4.76% 30-day average with TVL leaking; JTRSY prints 10.21% versus a 5.38% baseline; PAXG sits at 1.09% after averaging 8.17%. Three issuers, three divergences between headline rate and underlying flow, none yet corroborated by peg, DEWS, or matching mcap moves.
PSI holds 91.7 BEDROCK for a third straight day, severity barely registering at 0.17. The Bank Run Gauge swung from 1.9 to 22.8 HEALTHY on $306M of net Ethereum inflows, a clean recovery from yesterday's flat reading. PMUSD remains 3,464 bps off peg at $61M mcap, a chronic wound rather than a fresh cut. If PMUSD crosses 4,000 bps off peg next session, the calm read flips to active deterioration.