Executive Summary
USDC lost $359.6M on the week while USDe pulled in $107M, $56M of it yesterday alone; a thinning 10% reward is loosening the incumbent's grip on its float.
USDC shed $359.6M over the week, the largest single move on the board, and with it went the assumption that its float is sticky. The money did not evaporate: USDe absorbed $107M across seven days, $56M of it yesterday alone, nearly all of it routed through Ethereum's $88.9M net inflow. At $71.87B, USDC now sits 10% below its April peak.
The headline market barely registered the move: $316.21B total, up a rounding-error $52.93M on the week and 0.78% under the Digest-window high set 27 days ago. PSI holds at 92.9, its 57th straight BEDROCK day. The rotation reads cleaner beside the yield tape: USDC's best APY cooled to 10.07% from a 30-day 11.15%, and a thinning reward loosens a float.
The depeg board stayed ugly but familiar: apxUSD widened to 668 bps on its documented STRC drawdown, while pmUSD ground on at 3878 bps below peg, unchanged enough to pass for furniture. USDC's APY has already slipped under its 11.7% cooling line; if it breaks the 9.76% seven-day average next session, the $360M reads as exodus, not rotation.