Executive Summary
$111.63M left PYUSD in a day, erasing a week of gains as APY slid from ~8% to 3.82%. Mint/burn confirms -$97.61M out; the wider market still reads 92.6 BEDROCK.
PYUSD shed $111.63M in a single day, wiping out the $24.78M it had added over the prior week and then some. The mint/burn ledger agrees: net -$97.61M over 24 hours at maximum burn intensity, two independent pipelines pointing the same direction. The yield tells the rest; PYUSD's APY has fallen to 3.82% against a 30-day average near 8%, and money left the moment the rate did.
PSI holds at 92.6, a 63rd straight day of BEDROCK, a reading that says the system at large feels none of this. USDC embodies that calm, adding $1.79B over seven days to $73.76B, the largest weekly mover on the board. apxUSD, unresolved since June's STRC drawdown, narrowed to 317 bps below peg from 430. The stress is real but still local.
The Bank Run Gauge sits at 55.4 and CONFIDENT with no flight-to-quality flag, which is why this reads as one issuer's problem rather than the market's. Next trigger: if PYUSD sheds at least $140M in a single day, the story graduates from drift to rotation. Should the gauge instead break to -10 or lower, flow stress replaces PYUSD as the thing to fear.