Executive Summary
$1.14B of USDT's $1.24B weekly outflow landed in the last 24 hours. If Tether prints another $1B tomorrow, the drift becomes rotation.
USDT shed $1.24B over seven days, with $1.14B of it leaving in the last 24 hours, which qualifies as acceleration rather than drift. Tether's float sits at $184.89B, 3% below its April ATH of $189.76B. PSI reads 91 BEDROCK on a four-day streak, indifferent to the largest issuer quietly losing a billion in a session.
USDD's DEX liquidity score climbed from 25 to 48 as TVL went from $138K to $2.65M, and USDY added 11 points on $4.4M of new depth across $2.16B of float. Both are real improvements; DEWS still counts 10 ALERTs, with pmUSD, USDX, MSUSD, MUSD, and HBD all tagged for cross-source divergence. The band distribution shifted 16 names from CALM into WATCH overnight.
RUSD remains 8997 bps below peg on $250M mcap and was downgraded D to F, the safety grade catching up to what the price said 26 hours ago. MSUSD holds 8204 bps under, USX 5783, pmUSD 5568, none of them new. If USDT prints another $1B exit at tomorrow's snapshot, the supply story graduates from drift to rotation; that is the trigger.