Executive Summary
USDC advertises 11.29% APY, above its 8.71% norm, the same week $818M walked out. USDT stays flat at 4.36%. A yield rising as deposits leave is not marketing; it is a symptom.
USDC advertises 11.29% APY, well above its 8.71% thirty-day norm, in the same week $818M walked out, its largest weekly outflow and enough to leave it 9% under April's ATH. USDT, by contrast, pays a placid 4.36%, flat against its own averages. A yield rising as deposits leave, tagged 'opportunity-evidence-missing,' is not marketing; it is a symptom.
The Pharos Stability Index holds at 92.3, still BEDROCK but its lowest in three days, the 35-day streak intact while total supply sits at $316.39B, 0.72% below its window high. pmUSD remains the open wound at 5,725 bps below peg on day 87, and apxUSD widened again to 1,378 bps, its June STRC drawdown still unhealed.
Exit capacity. syrupUSDT shed a third of its liquidity score overnight, 36 to 27 on $400M in float, and A7A5 crossed into ALERT at $502M on supply velocity, holding the DEWS ALERT count at eight. If USDC's headline yield cannot stay above its 8.71% baseline next session, the divergence resolves as a data artifact; if it holds while outflows persist, the symptom is real.