Executive Summary
USDe absorbed $58.66M in net mints over 24h at maximum pressure intensity while PYUSD burned $55.99M. The two largest flow shifts on the tape cancel to $2.67M. Bank Run Gauge back to -1.8 from -10.0.
USDe absorbed $58.66M in net mints over the past 24 hours, a pressure reading of 100 against its own 30-day baseline. PYUSD went the other way by almost exactly as much, burning $55.99M at an intensity of -100. The two largest flow shifts on the tape cancel to $2.67M net. Ethereum carried +$309.20M across all issuers, and the Bank Run Gauge closed at -1.8, NEUTRAL, from -10.0 yesterday.
The redemption side has a supply record behind it. PYUSD shed $48.12M in a day against $75.34M across the week, a decline that is accelerating. USDG ran the opposite way, adding $73.95M in one session out of $83.76M for the week, so nearly the whole weekly gain landed yesterday. USDC is still the largest seven-day mover at +$700.15M to $74.40B, 7% under its April high of $79.75B.
Stress readings eased elsewhere. DEWS counts 12 coins at ALERT against 14 yesterday, CALM rises to 127 from 112, and all five band changes in the last 24 hours moved down. PSI at 91.4 extends the BEDROCK run to 78 days. Avalon's USDA is unchanged at 3,098 bps below peg on $145.58M, day 252. If the gauge slides back to -10 or lower next session, flow stress replaces allocation as the lead signal, and whether USDe's mint pace holds against PYUSD's accelerating burn decides which way it leans.