Executive Summary
Four DEX pools thinned on the same tape while eleven names left DEWS's CALM band; syrupUSDT shed 26% of its TVL and PSI dipped to an eight-day low. Broadening, not breaking. Yet.
Eleven stablecoins dropped out of DEWS's CALM band in a day, the roster thinning from 153 to 142 as WATCH swelled to 92. Five names changed bands: ALUSD slid from WATCH to ALERT on cross-source divergence pinned at 100, AID and AUDF entered WATCH, while AZND and BRLA eased the other way. The stress is widening, not deepening.
Four DEX pools thinned on the same tape. syrupUSDT's liquidity score collapsed from 39 to 22 as its TVL shed 26%, from $7.20M to $5.30M against a $400M float. USD0 fell 56 to 46, sUSDai 77 to 66, USAT 42 to 31. None cratered, but four exits narrowing at once is the texture of a market bracing.
PSI eased to 92.5, its lowest reading in eight days though still parked in BEDROCK for a 27th straight session; total stablecoin cap sits $1.79B lighter on the week, a hair below the recent high. pmUSD stays broken at $0.703, 2,971 bps under peg in its 1,903rd hour, unchanged and unfixed.
Next session sets the tone. If syrupUSDT's score keeps sliding under 20, its $400M float loses a working exit; if USDT's headline 7.73% APY cools toward 6.1%, that anomaly deflates without a story. Another eleven names leaving CALM would push DEWS toward its first WARNING entries; that band sits empty for now.