Executive Summary
satUSD's on-chain TVL fell from $2.20M to $878.69K in a day against a $158.34M float, roughly 180 to 1; the F-grade token's escape hatch narrowed while PSI holds a 41st BEDROCK day.
satUSD's DEX liquidity score collapsed from 31 to 15 in a day, and the raw figure is worse: on-chain TVL fell from $2.20M to $878.69K against a $158.34M float. That leaves roughly 180 dollars of coin for every dollar of exit depth, on a token already stamped with an F safety grade. Nothing broke; the escape hatch just shrank.
PSI holds at 92.8, its 41st consecutive BEDROCK day, so the index reads calm. The allocation story sits below it: USDC shed $1.41B over seven days to $72.04B, the largest weekly mover and now 10% under its April peak of $79.75B. Total supply eased $2.23B to $315.06B, 1.14% off the Digest-window high.
pmUSD narrowed to 5135 bps on day 93, still the deepest hole on the board; USDA widened to 1861 bps. Two of yesterday's yield anomalies, USDC and USDS, already cooled. Next trigger: if USDT's best APY falls to 5.1%, 1.2x its 4.29% weekly average, the yield distortion clears entirely. A second consecutive TVL drop at satUSD would confirm the exit erosion is structural, not noise.