Executive Summary
USDT shed $1.24B while RUSD's 8997 bps gap resolved after 32 hours. The week's $2.93B mcap drain matters more than any single peg break.
RUSD topped the weekly leaderboard with an 8997 bps gap on $249.68M of float that went active Friday and resolved after 32 hours by Sunday, layered on an earlier 7001 bps episode that cleared Wednesday. PSI bottomed at 88.7 on 6/23, climbed to 91.5 on 6/24, and closed the week at 91.1, the dominant band still BEDROCK. The PSI midpoint dropped 1.1 points week-over-week, and the Bank Run Gauge midpoint fell from +12.7 to -7.8 with a -27 floor on Monday.
The dominant thread was Tether's $1.24B exit, with $1.14B of it landing in the final 24 hours of the 6/27 reading and another -$1.26B printing by 6/29. USDC trailed with a $1.10B contraction on 6/26. Total mcap slid from $341.99B to $339.06B, a $2.93B net drain that explains most of the -0.94% delta against last week's $342.28B baseline.
The counter-narrative ran through liquidity scoring, not pegs. USDS lost 13 points on a flat $8.20B TVL on 6/26, USDD shed 28 on 6/28 before rebounding +23 the prior day, and PYUSD dropped 12 on $2.72B cap. None of those breaks were dollar-denominated; pool composition drifted while the dollar columns stayed still. RLUSD did the opposite, +21 points on $1.59B mcap on 6/25.
MSUSD continued its grind from $0.184 on Monday to $0.318 by Sunday, all on roughly $20M of underwater float, and apxUSD widened to 2,222 bps on $305M mcap before sliding ALERT to WATCH twice. Blacklist activity collapsed to $11.43M from last week's $53.23M, and unique depeg signals fell from 44 to 31 even as active observations rose from 95 to 103: chronic cases got more attention than new ones.
The 6/28 digest named the trigger: APXUSD past 3,650 bps changes the register. Next week decides whether USDT's drain becomes a third consecutive billion-dollar weekly contraction, in which case the BEDROCK tag stops describing what the dashboard is actually doing.