Executive Summary
USD1 took in $4.00M and fxUSD $3.02M while rwaUSDi shed $3.96M, all three pinning intensity at 100 on flows worth a rounding error; if the Bank Run Gauge slips to negative 10, this stops being noise.
USD1 absorbed $4.00M and fxUSD $3.02M over 24 hours, both pinning their intensity readings at 100 against 30-day baselines, while rwaUSDi ran the other way at negative 100 and shed $3.96M. Three stablecoins maxing out their pressure signals on flows worth a rounding error reads as repositioning, not growth.
PSI holds at 91.2, still BEDROCK on a 68-day streak, yet that is its softest reading in 19 days and breadth crept to 7.36. Twenty depegs stay active: MSUSD widened to 3,765 bps and USDA to 416, both worse than yesterday. The Bank Run Gauge whipsawed from 35.9 to negative 1.5, a 37-point swing back toward neutral.
USDC added $374.09M on the week to $73.98B, the largest mover on the board and the reason today reads as allocation, not alarm; total supply sits at $318.79B, a hair under the Digest-window high set a day ago. Next trigger: if the Bank Run Gauge slides to negative 10 or lower, the fxUSD and USD1 flows stop being noise and flow stress takes the lead.