Executive Summary
USDT's APY fell to 2.62%, roughly half its 30-day average, as gold went the other way: XAUT spiked to 3.44% while KAU liquidity collapsed from $3.93M to $735K. A yield climbing as the exit narrows is a queue, not a bonus.
USDT's best yield sank to 2.62%, roughly half its 5.12% thirty-day average, and USDC at 11.11% and USDS at 6.18% softened with it; every dollar-yield anomaly we flagged is deflating on schedule. The metals ran the opposite way. XAUT's APY spiked to 3.44% against a 1.6% baseline, and PAXG holds 13.5%, a reward-heavy print with degraded benchmarks behind it. The spike lands as gold-token exit depth disappears. KAU's DEX liquidity fell from $3.93M to $735K overnight, its score sliding 53 to 45; KAG's pool shrank from $573K to $6,820, a rounding error. A yield that climbs while the exit narrows in the same asset class is not an opportunity, it is a queue forming. PSI reads 93.1, BEDROCK for a 47th straight day, indifferent to a $338M token losing four-fifths of its depth. pmUSD stays critical at 5061 bps below peg, narrowed from 5270; the Bank Run Gauge cooled from 15.2 to a neutral -4.6. USDC's 11.11% sits well under its 15.2% cooling line, so the dollar side is settled. Next session's tell: whether XAUT holds above its 1.6% baseline, or gold-token liquidity keeps draining with KAU first in line.