Executive Summary
pmUSD locked at 5568 bps all week, USX at 5783, and USDT still drained $8.6B across seven days. The chronic depegs became furniture; the money moved anyway.
pmUSD closed the week where it opened, 5568 bps below peg across roughly $65M to $70M in mcap, seven straight critical observations that the leaderboard flagged as the top unsuppressed item. USX, on the suppressed list, hit hour 357 at 5783 bps on $20.81M. PSI midpoint actually improved to 91.9 from 90.3 the prior week, BEDROCK the whole run; the chronic depegs have become regime furniture, not events.
The real thread was capital walking out of the majors. USDT was the largest weekly mover six sessions running: -$2.08B on July 3, then -$1.69B, -$1.67B, -$1.34B, and -$909M, -$908M into the weekend. USDC joined Monday at -$861M. That is roughly $8.6B pulled from tether supply alone against a total stablecoin mcap that only fell 0.24% to $337.51B. Something else absorbed it.
The counter-narrative is that every count-based measure looked tamer than last week. Unique depeg signals fell from 37 to 17, active observations from 119 to 77, grade transitions from 39 to 34. Ignore the two chronic depegs and this reads as the calmest tape in a month.
Blacklist activity disagrees. 1330 events against 82 the prior week, sixteen times the volume, $14.66M frozen versus $11.43M, with a single $2.54M Tron USDT freeze on July 3 leading. DEWS shifted BFUSD, avUSD, BRLV and A7A5 to WATCH on liquidity erosion and cross-source divergence. On July 6, sUSDS lost 9 liquidity points, USD1 lost 8, RLUSD lost 12, together $11.8B in mcap while TVLs barely moved. USDf shed 16 the day before and clawed 12 back.
Grade instability rode inside the calm PSI print: spUSDT jumped C- to B on $840M, YLDS ran B- to B+ and back to B- inside three sessions on $546M, RUSD slid C- to D on $249M. That is not the shape of a resting book.
Next week decides whether the USDT drain slows below $500M per day or clears a $10B trailing mark, and whether the DEWS WATCH cluster escalates or reverts. If apxUSD widens back toward the 3650 bps threshold the July 5 digest flagged, treat that as the tell that the chronic wallpaper has started peeling.