Executive Summary
PYUSD lost $143.82M in a day against a $77.80M seven-day build, while USDC added $364.51M. DEWS ALERT count tripled from 4 to 13. Next test: whether USDC's weekly total clears $580M.
PYUSD shed $143.82M in one day, more than erasing the $77.80M it had added over the previous seven. USDC ran the other way, adding $364.51M in a day and $520.89M on the week to reach $74.75B, still 6% below its April peak of $79.75B. Total supply of $319.65B is up $791.79M over seven days, consistent with rotation between issuers rather than withdrawal from the sector.
Stress breadth. DEWS band counts shifted: CALM fell from 133 coins to 109, WATCH rose to 121, and ALERT tripled from 4 to 13 within 24 hours. The named drivers are cross-source divergence and price confidence rather than realised depegs. The five disclosed ALERT names hold $141.5M between them, under 40% of what USDC added yesterday.
Nineteen depegs remain active and none resolved in the last 24 hours. USDA is still 3,098 bps below peg on $145.58M, unchanged since the previous edition. pmUSD narrowed to 5,133 bps from 5,166, priced at $0.487, with an ALERT score of 44 and an F safety grade. PSI eased to 91.7 from 92.6, its 74th day in BEDROCK, and the Bank Run Gauge fell to 9.2, still neutral.
The next trigger is USDC's weekly total: a seven-day build above $580M at the following snapshot makes this follow-through rather than a single day's mint. A second consecutive session of PYUSD redemptions would do the same for today's reversal.