Executive Summary
syrupUSDC's depth score jumped 12 points to 60 on $300K of fresh TVL, while the Bank Run Gauge cracked to -28.7 and Ethereum shed $202.83M net. PSI still reads 92.3, unbothered.
syrupUSDC's DEX liquidity score climbed 12 points to 60, yet its TVL barely moved, from $36.32M to $36.62M. The depth rating improved; the dollars behind it did not. sDAI made the cleaner case, nearly doubling TVL to $15.80M for an 11-point lift to 70. Two liquidity upgrades, only one paid for in cash.
The stress sits elsewhere. The Bank Run Gauge cracked from -0.8 to -28.7 into CAUTIOUS in a single session, with Ethereum posting $202.83M of net outflows and AUSD, M, and OUSG each printing a maximum -100 pressure shift. USDC bled $989M on the week, leaving its supply 9% below April's high.
None of this dents the headline: PSI holds 92.3, its 36th straight BEDROCK day, and pmUSD's slide to 6029 bps on day 88 no longer qualifies as news. The tell will be yield. USDC's best rate sits at 12.83%; if it slips back toward 12.5%, roughly 1.2x its 7-day average, the incentive propping that depth up is cooling.