Executive Summary
USDS tops the risk board at 5.68% APY with no evidence to back it, and five yield flags outshouted a shrinking depeg field. USDC added billions, mcap moved +0.15%, and 13 of last week's calls missed.
The top of this week's risk board is not a depeg but USDS flashing a yield warning: 5.68% APY against a 7d average of 5.59% and a 30d of 6.01%, on a $6.70B book, tagged opportunity-evidence-missing. PSI slid from 92.6 to 91.2, its worst reading landing Aug 30, yet the band never left BEDROCK. The largest severity score of the week, 6729.1, came from a coin nobody is positioned to fear.
USDS was one of five NEW THIS WEEK yield flags: USD1 spiked to 2.06% APY against a 30d of 1.01%, USDe read 4.27%, PYUSD sagged to 4.82% on tvl-outflow, and XAUT printed 8.8% while its benchmark degraded. USDS itself repeated the same 5.5-to-5.7% reading four straight days from Aug 25 to Aug 28 with corroboration never arriving. The through-line across those five names was yields drifting while nothing else moved.
The depeg field, by contrast, was entirely inherited: pmUSD held 4663 bps below peg on $50.16M, the week's only critical, but it carried over from before Monday. cNGN cratered 9993 bps yet on $2.78M mcap it barely registers. Unique depeg signals fell to 11 from 14, active observations to 121 from 140, and grade transitions held at zero for a second straight week.
USDC was the largest weekly mover all six days, adding $1.91B on Aug 26 and still accelerating $319.98M on Aug 29, yet total mcap crept only +0.15% to $318.79B. The Bank Run Gauge midpoint jumped from 8.9 to 21.9 week over week even as it dipped to -19.3 on Aug 28. Blacklist events exploded to 437 from 85, though the $19.28M frozen barely cleared last week's $16.15M: a locksmith rekeying every door in the building to catch one shoplifter, almost all of it USDT on Tron.
That gauge climb of 13 points against flat supply is the tension carried into next week. The forward scoreboard was unkind: 1 hit, 13 missed, 1 expired, 3 pending, so most of last week's calls landed wrong. Next week decides whether USDS's evidence-missing yield either corroborates above 5.68% or clears its tag, and whether the Bank Run Gauge can hold the 21.9 line.