Executive Summary
XAUT's +$2.67B weekly supply move equals its entire market cap, and its yield spiked to 5.22% from a 2.14% base while every dollar token cooled. Real bid or reclassification? Tomorrow's yield print decides.
XAUT logged the week's largest supply move at +$2.67B, a number that happens to equal its entire $2.67B market cap and reads more like a reclassification than a week of fresh mints. The real tell is the yield: Tether Gold's best APY spiked to 5.22% against a 2.14% thirty-day average, while every dollar token cooled the same day.
DEWS carries the tension that a near-ATH market cap hides: the WATCH band swelled from 77 names to 98 overnight, a 21-coin jump, even as PSI held 93.4 and stretched its BEDROCK streak to 51 days. Nine names sit at ALERT, USDA among them, its peg 390 bps under after widening from 290. pmUSD grinds on at 3,459 bps below, unmoved.
Next session decides whether XAUT's spike was a data blip or a genuine bid: hold near 5.22% and the supply reading earns some credibility; snap back toward 2.14% and it was noise. On the dollar side, USDC's anomaly completes its cooling if best APY slips to 13.8%, about 1.2x its 11.5% weekly average.