Executive Summary
RLUSD's liquidity score jumped 52 to 67 on $28.13M of fresh mints; five days after money walked out, depth walked back in. PSI holds a fiftieth BEDROCK day at 92.6.
RLUSD's DEX liquidity score climbed from 52 to 67 in a day, backed by $152.34M in TVL and $28.13M in fresh net mints, the single largest pressure shift on yesterday's tape. Five days ago the story was RLUSD deepening as money walked out the door; the money came back, and it brought depth with it. The Pharos Stability Index reads 92.6, a fiftieth consecutive BEDROCK day, up from 91.1. Not every liquidity print agrees: USDf's score jumped 19 points while its TVL slid from $24.90M to $21.53M, an improvement scored on shrinking pools. DEWS holds ten names at ALERT, none worse than yesterday. pmUSD remains stranded 3496 bps below peg at $0.650. The dollar-yield thaw continued: USDC's best APY settled to 10.06% and USDS to 6.03%, both cooling as forecast. USDT is the lone holdout at 8.29%, nearly double its 4.27% seven-day average. If USDT's best rate slides to 5.1%, the anomaly is done; if RLUSD's 67 holds next session, the inflow reads as structural rather than a one-day blip.