Executive Summary
Circle added $1.67B to USDC in seven days, then just $52.42M in the last one; USDe burned $21M net and the run gauge slid to -3.8, even with PSI parked at 92.8.
Circle added $1.67B to USDC across seven days and just $52.42M in the last one, roughly a fifth of the daily pace it kept all week. At $73.65B the largest weekly mover now sits 8% below its April peak of $79.75B, and the drop-off reads less like a pause than a balance sheet finding its level after a strong run.
The flow side tilted the other way. USDe burned a net $21.02M over 24 hours against its 30-day baseline, and the Bank Run Gauge slid from 25.6 to -3.8, neutral but no longer buoyant. DEWS moved eleven names from CALM into WATCH, lifting that count to 99, with satUSD and MAI still parked at ALERT. PSI holds 92.8 BEDROCK on a 62-day streak, total cap 0.20% under its record.
pmUSD holds its ongoing critical break at 4424 bps below peg, unchanged on a $52.39M cap; apxUSD trades 430 bps under after its STRC drawdown, and USDA widened to 242 bps overnight. Next trigger: if USDC's seven-day move clears $2B at the next snapshot, the deceleration was a pause, not a top. Watch USD1's mint pace, running $10.21M a day and accelerating, for the next rotation.