Executive Summary
USDY's liquidity score slid 44 to 34 and DUSD shed 91% of its pool to $1.05M, while USD1's yield spiked to 10.89% from a negative weekly average. Exit capacity is thinning faster than anything is breaking.
USDY's DEX liquidity score dropped from 44 to 34 on a $2.14B market cap, even as its pool TVL barely moved, $18.09M to $17.36M. The erosion is not isolated: FDUSD slid 47 to 38, and DUSD lost 91% of its pool, $11.37M down to $1.05M, dragging its score from 54 to 31.
The Pharos Stability Index holds at 92.4, a 37th straight BEDROCK day, yet total supply has bled $2.76B over the week and sits 0.94% under its window high. The Bank Run Gauge clawed back to -23.6 from -28.7, still firmly CAUTIOUS, with USDC leading outflows at -$2.16B. pmUSD widened again to 6,384 bps on its 89th day below peg.
Yield tells the split: USD1 spiked to 10.89% APY from a negative 1.13% weekly average with no visible source, a coupon that size on a C-graded $4.04B peg advertising risk more than return. USDC pays 12.6%, USDT cooled to 4.3%. If USD1's rate falls back toward negative 1.4% next session, the spike was noise; if DUSD's pool holds near $1.05M, thinning depth, not yield, is the week's real signal.