Executive Summary
13.38% APY on $73.28B, well past an 8% base, and the source that pays it never shows. USDT cooled to 5.59%, USD1 sank to 0.96%; the yield tape reads noisy, not rich.
USDC is advertising 13.38% APY, well past its 11.92% weekly average and its 8.02% thirty-day base, on $73.28B of market cap. The catch: the dashboard flags opportunity-evidence-missing, meaning the number prints but the source that pays it never shows. A yield that large with no visible engine is a fleeting incentive or a data ghost. Contrast the majors. USDT, at $184.07B the largest issuer alive, cooled to 5.59%, below its own 5.95% thirty-day average, its yield trigger expiring after three quiet editions. USDS slipped to 6.75%, confirming the cooling that fired yesterday. USD1 ran the opposite way, 0.96% against a 3.6% weekly average, undercutting any claim these prints reflect real demand. PSI held at 94.9, a 29-day BEDROCK streak, and its largest severity contributor is EURS at 2177 bps above peg: $1.218 on a coin built to track the euro, not the dollar it gets measured against. The calm index leans on a currency mismatch. pmUSD widened to 3460 bps below peg, $0.654, still the worst active name. Next session decides whether USDC's 13.38% holds above its 11.92% weekly average with the source still dark; an unsourced yield is one that gets revised, not paid. If pmUSD clears 4000 bps off peg, read it as escalation, not the same chronic wound.