Executive Summary
USDT added $977M in a day, dwarfing its $143M weekly net and reversing yesterday's outflows. USDC still leads the week at +$1.67B; PSI holds BEDROCK at 91.8 for a 61st day.
USDT added $977M in a single day, a figure that dwarfs its $143M net for the entire week and reverses the outflows that led yesterday's tape. The gap between one day and seven is the whole story: Tether shrank for most of the week, then bought itself back hard. Its A+ card shows backing at 74.7 and exit liquidity pinned at 100.
USDC remains the week's largest mover at +$1.67B, lifting it to $73.63B though still 8% under its April high. PSI reads 91.8, its 61st consecutive day in BEDROCK, and it has not slipped below that line since August 11. Severity is a trivial 0.03; breadth barely registers at 6.6, VNXAU and EURS the only names troubling the score.
The peg board stays ugly at the edges: pmUSD widened again to 4433 bps below par, an F-rated $52M holdout still marked at $0.557. apxUSD sits 420 bps under after June's STRC drawdown, its $309M the largest exposure among the broken names. Next trigger: if USDT clears $1B in one day tomorrow, this drift graduates into rotation.