Executive Summary
USDTB has bled $373M in a week down to $402M, roughly a fifth of its September peak, yet DEWS still pins it in ALERT at 39. Market cap sits a hair below its record; the stress has moved to the margins.
USDTB has shed $373M in seven days, leaving $402.52M on the books, roughly a fifth of the $1.83B it carried last September. DEWS keeps it pinned in ALERT at 39, flagging a yield anomaly at 100, supply velocity at 87, and mint/burn pressure at 64. This is a wind-down, not a run. PSI holds at 93.4, its 28th consecutive BEDROCK day, and total market cap sits a rounding error below its record at $317.76B. The stress lives in the margins: DEWS WATCH names swelled from 82 to 93 and logged the set's first WARNING band, while A7A5, AxCNH, BRLA, and BRZ all slid CALM to WATCH on cross-source divergence. PMUSD remains 2965 bps below peg, unchanged since the last edition. Yield stays loud elsewhere: USDC's best APY holds at 12.48% against an 11.7% seven-day average, while USDT's 5.71% has drifted back toward its 5.09% mean. Watch USDC next session; a slide under 14% marks the anomaly cooling, and another week of USDTB outflow turns its ALERT into an epitaph.