Executive Summary
five tickers more than 3,000 bps below peg by 6/22, PSI broke BEDROCK to 89.4 STEADY, and USDA jumped 498 to 3,098 bps in a single session.
pmUSD held 5,568 bps below peg for three straight days on $72 to $73M of mcap, leading the weekly impact board at 409.2. PSI started at 92.2 BEDROCK and slipped to 89.4 STEADY by 6/22, the first regime change in two weeks. The midpoint still printed 91.5, only 0.4 above last week, but the trajectory broke direction on Sunday.
By 6/22 five tickers, pmUSD, SUSD, USX, MSUSD, and USDA, all sat more than 3,000 bps below peg. SUSD widened from 6,608 to 7,553 bps across seven sessions, USX printed 5,783 bps on $20.81M, and USDA jumped from 498 to 3,098 bps in a single session on 6/20 while pmUSD never moved off its 5,568 mark. 42 unique depeg signals registered against 35 the prior week, with 85 active observations logged. None of these were resolutions; they were tenants signing leases.
Against that, spUSDT printed weekly inflows above $830M on four separate days from 6/17 to 6/20, peaking at $845.89M. RLUSD added 12 liquidity points on 6/19 atop $1.63B, USDY swung +11/+10/-8 across the week on $2.13 to $2.16B, and stUSDS climbed B- to B+ twice at $177M. OUSG cut the opposite way, downgraded B- to C on $479.13M of float across 6/20 and 6/21.
Headline mcap drifted from $343.66B to $342.28B, a 0.40% move that masked active rotation. USDC printed the largest single-day outflow at -$1.00B on 6/16, USDT accelerated -$512.14M on 6/19, and XAUT shed $490.21M on 6/22 as PAXG flagged negative-trend three sessions running at 1.04 to 1.08% APY. Blacklist USD jumped to $53.23M from $12.00M the prior week, driven by a $20M Tron freeze on 6/16. Bank Run Gauge midpoint rose to 11.3 from 4.7, with the floor at -11.5 on 6/18.
USDA's 2,600 bps widening in one session is the variable to track; if it compounds the way pmUSD's did, the basement gains another $138M tenant. Next week decides whether PSI rebuilds toward 92 BEDROCK or 89.4 becomes the new ceiling.