Executive Summary
A7A5 flashed 819779 bps off peg and healed in 13 hours; PSI never left BEDROCK at 93.7. The real story was redemptions: USDC and USDT bled billions before the gauge hit -45.7.
A7A5 supplied the week's only real scream: a reading 819779 basis points off peg on August 8, resolved after 13 hours across $476.82M of market cap. 819779 basis points is not a depeg, it is a decimal point that wandered off and came home 13 hours later. The DEWS trail agrees, flipping A7A5 from CALM to WATCH twice on cross-source divergence and a yield anomaly. PSI treated the whole episode as static, climbing from 93.3 to 93.7 and extending its BEDROCK run while its worst print, 92 on August 7, barely dented anything.
The thread that actually ran through all seven days was redemption, not the A7A5 headline. USDC opened as the largest mover at -$1.48B on August 4, USDT followed with -$852.93M and -$554.35M on consecutive days, and by August 8 its burn was accelerating at -$334.88M. The Bank Run Gauge answered on August 10, cratering to -45.7 STRESS as USDT redemptions and an Ethereum outflow hit at once.
The counter-move came from the same names that bled: USDC reversed to +$356.88M on August 10, the week's largest single inflow, while a $233.43M USDC mint landed the same day. Running the other way from the settling, apxUSD escalated from WATCH to ALERT at score 41 on cross-source divergence, the only name to worsen rather than calm.
Total market cap still finished higher, $315.24B to $316.60B, a +0.43% grind that the +0.49% week-over-week reading confirms as unremarkable. The gauge midpoint improved to -3.9 from the prior week's -7.9, marking the panic as one bad afternoon rather than a slide. Less reassuring: blacklist activity more than doubled to 189 events and $24.52M affected, against 90 and $16.16M a week earlier, almost entirely USDT destroy orders on Tron.
pmUSD stayed the standing casualty, still above 5000 bps below peg on a shrinking $38.72M mcap. The week's triggers closed 18 hit, zero missed, three pending. Next week decides whether A7A5's cross-source divergence was a lone feed glitch or a first crack; watch the DEWS score if it climbs back past 17 while USDC outflows resume.