Executive Summary
$1.34B of the $1.38B in DEWS ALERT territory is one coin, USDf; the other six are decimal dust. PSI hit a 35-day low as apxUSD widened to 636 bps.
DEWS pushed ALUSD into ALERT overnight on cross-source divergence, making seven, and the tape reads like broadening stress. It is not. Of the $1.38B in the ALERT tier, USDf alone carries $1.34B, its score of 40 driven by mint/burn flow, pool drift, and supply velocity. The other six are decimal dust around one issuer. PSI slid to 91.1, its lowest in 35 days, down from 93.7 in one session; the 49-day BEDROCK streak survives, but the slide is real. apxUSD widened to 636 bps below peg at $0.936, the June STRC drawdown still leaking across $304.78M. pmUSD narrowed to 3476 bps yet remains the widest active depeg on the board. The week's yield anomalies are deflating on schedule: USDT's best APY cratered to 0.51%, USDC's eased to 10.96%. Next trigger: if USDf's ALERT score pushes toward WARNING or a second large-cap joins the tier, the concentration hardens into a cluster. Watch whether USDC's APY slips back to 14.9%, 1.2x its 7d average, confirming the cooldown.