Executive Summary
USDT's best yield sank to 1.62%, a third of its 30-day average, as $853M left its float; USDC pays 13.99% the same day. One starved, one flush, neither with evidence to show for it.
USDT's best on-chain yield sank to 1.62%, a third of its 30-day average of 5.37% and already under the 3.4% mark that would flag the anomaly as cooling. The same week, $853M drained from USDT's float, the largest supply move on the board. A shrinking yield beside a shrinking supply reads as one story, not two.
USDC runs the other direction, paying 13.99% against a 30-day average of 10.14%, a divergence the feed still cannot source. Two of the three largest dollar tokens now sit at opposite yield extremes, one starved and one flush, neither backed by visible opportunity evidence. PSI holds at 93.4, its forty-third straight day in BEDROCK, indifferent to the split.
YLDS underlines the day's quieter damage, shedding 81% of its DEX depth from $29.05M to $5.41M, while pmUSD widened to 5,666 bps, one of sixteen names still off peg. Next trigger: if USDT's best rate slips under 3.4% tomorrow, the drought is confirmed; if USDC stays above 14.2%, its premium is structure, not noise.