Executive Summary
USDS printed 3.94%, then 2.35%, then 5.52% inside four days on $6.67B, heading six yield warnings. USDC supply added $775.15M in a day, PSI held BEDROCK at 91.7, and 133 depeg observations reduced to 10 chronic signals.
USDS carried the week's heaviest risk reading at severity 6717.8: 3.94% APY on 1 September against a 7-day average of 5.94% and a 30-day average of 6.14%, on $6.67B of market cap. The print fell to 2.35% by 3 September, then held between 5.40% and 5.56% for the last four days as the attached flag shifted from tvl-outflow to opportunity-evidence-missing. PSI opened at its weakest level of 91.5, peaked at 92.6 and closed at 91.7, inside BEDROCK all seven days, with the 91.8 midpoint 0.2 below the prior week.
Six of the seven new risk items were yield warnings: USDe at 4.64%, PYUSD at 3.82% against a 7-day 7.05%, XAUT at 1.81% against a 30-day 5.06%, USDY at 3.6% and unrated for safety, EURSAFO at 2.15% on stale data. All six carried a trend or data-quality qualifier, so none stands alone as evidence that sector funding costs reset. A reading that runs 3.94%, 2.35%, then 5.52% inside four days is a measurement question before it is a payout question.
USDC ran the other way, adding $775.15M in a single day on 4 September, leading the weekly mover table on four separate days and finishing at +$728.22M. A7A5 moved WATCH to CALM twice on $453.05M, with crvUSD and CUSD also settling at CALM. The Bank Run Gauge midpoint fell to -0.4 from 18.2 the prior week, with a -26.1 low on 1 September.
Market cap rose from $318.24B to $319.63B, 0.26% above last week's close. USTB was the only non-USDC name to lead the mover list, at +$637.75M on 2 September. PYUSD swung -$62.91M on 2 September to +$54.40M on 3 September, while USDe printed +$58.25M and +$61.14M at full intensity. Blacklist events fell to 55 from 437, while dollars affected rose to $27.80M from $19.28M, mostly USDT on Tron including one $6.41M freeze.
The 133 active depeg observations reduce to 10 unique signals, all inherited from earlier weeks: USDA at 3,098 bps on $145.58M, pmUSD at 5,166 bps, MSUSD at 5,017 bps, apxUSD at 359 bps on $311.58M. Zero grade transitions were recorded, and the A tier holds 83.1% of $331.3B in mapped supply across 320 graded coins. Daily triggers closed 5 hit, 12 missed and 4 pending, with most misses in calls that chronic spreads would resolve rather than simply persist. Next week decides whether USDS holds above 5.40% or retests 2.35%; the other thresholds are BRLV, BRZ or BUCK crossing from WATCH scores of 18 to 20 into ALERT.