Executive Summary
USDS lost $287M in one session, almost its entire weekly decline, while its yield slid under the 30-day average. USDC added $1.46B the same week. Another $360M day turns drift into rotation.
USDS shed $287.44M in a single session, roughly three-quarters of its $375.58M weekly decline compressed into one day, and the outflow is accelerating. It lands on a token carrying an A- safety score and a 5.65% yield that has drifted below its 30-day average of 6.04%. Capital is leaving the paying door here, not a broken one.
The backdrop stays placid: PSI holds at 92.1, a 65th consecutive BEDROCK day, with depeg severity at 0.03. USDC added $1.46B on the week even as USDS drains, the largest issuer expanding while a smaller peer contracts. Mint and burn echoed the tilt, USDG down $31.65M and AUSD down $9.20M over 24 hours, though the Bank Run Gauge held at a healthy 21.2.
PMUSD widened again to 4,663 bps below peg at $0.534, an ongoing critical that has stopped surprising anyone. The number that decides tomorrow is USDS: another $360M single-day exit reclassifies this from drift to rotation, and with $287M already gone, that threshold is one ordinary session away.