Executive Summary
USDC minted $1.06B in a day and $1.08B on the week while total stablecoin cap rose just $935M. Subtract Circle and the rest of the market shrank. DEWS breadth is climbing too: 18 names left CALM and a WARNING slot filled.
USDC added $1.06B in a single day and $1.08B across the week, accelerating while every other major sat still. That would read as routine balance-sheet growth except for the arithmetic around it: total stablecoin cap rose only $935M to a fresh Digest-window high of $318.69B. Subtract Circle's mint and the rest of the market spent the week shrinking.
Stress Broadens. Eighteen names left DEWS's CALM band overnight; WATCH swelled to 103, ALERT to 8, and a WARNING slot filled that stood empty yesterday. EURm crossed WATCH to ALERT on cross-source divergence, and HBD tops the elevated set at score 55. Much of it reads as data disagreement rather than peg failure, but the count is drifting the wrong way.
PSI holds at 95.2, a thirtieth straight BEDROCK day, indifferent to both the concentration and the creeping breadth. PMUSD stays the lone critical name at 3455 bps below peg, unchanged. Next trigger: if USDT's best APY slips toward 6%, 1.2x its 4.99% weekly average, the yield anomaly cools; the sharper tell is whether USDC's daily mint holds above $1B or the aggregate follows one issuer down.