Executive Summary
satUSD's liquidity score doubled to 33 on tripled TVL while crvUSD lost ten points; depth is reshuffling across mid-caps, not building, as PSI logs a 26th BEDROCK day.
satUSD's DEX liquidity score jumped from 17 to 33 as pool TVL tripled from $914K to $2.88M, the day's cleanest gain in exit capacity. The move cut against the grain: crvUSD shed ten points to 72 even as its TVL edged up to $366M, and sUSDD slipped to 20. Depth is being reshuffled across the mid-caps, not built.
The Pharos Stability Index holds at 95.4, its 26th straight BEDROCK day, with total supply at $318.00B, fractionally below its window high. DEWS still logged five band changes: AZND climbed to WARNING at score 57, ALUSD entered ALERT on cross-source divergence. apxUSD, bleeding since June's STRC drawdown, widened to 1,590 bps off peg; pmUSD remains parked at 2,965 bps.
USDS carries the week's real allocation story: down $913.54M over seven days to $6.70B, 25% under its April high, though it clawed back $9.25M yesterday, a reversal rather than a rescue. The majors' yield keeps deflating, with USDT's best APY cooled to 4.2%. If it slides back to 4.9%, roughly 1.2x its seven-day average, call the anomaly officially spent.